EU Commission To Ensure ‘Healthy Competition’ In The Metaverse

Margrethe Vestager recommends a headstart to brainstorming implications of technologies such as the Metaverse and ChatGPT.

Given the regulatory challenge of keeping up with ever-changing innovations. Margrethe Vestager, executive vice president of the European Commission, suggested getting a head start on brainstorming implications of technologies like the Metaverse and ChatGPT.

iexclusivenews reports that while speaking about competition policy at the Keystone Conference.

Vestager emphasized how the digital transition and shift to a digital economy have created risks and opportunities for the masses.

She believes that laws lag behind technological progress, adding:

“We have certainly not been too quick to act – and this can be an important lesson for us in the future.”

While the enforcement and legislative process will continue to stay a step behind tech innovations.

Vestager stressed the need to anticipate and plan for such changes. She stated:

“For example, it is already time for us to start asking what healthy competition should look like in the Metaverse, or how something like ChatGPT may change the equation.”

She also revealed that the EU Commission will conduct investigations into the Facebook marketplace. And how Meta uses ad-related data from competitors beginning in May 2023, among other things.

The European Blockchain Regulatory Sandbox was launched on February 15, providing a space for regulatory dialogue for 20 projects per year through 2026.

However, iexclusivenews Nigeria reports that on the other end of the spectrum, legislators in the European Union are discussing the use of zero-knowledge proofs for digital IDs. According to Cointelegraph’s report on the subject:

“The new eID would allow citizens to identify and authenticate themselves online (via a European digital identity wallet) without having to resort to commercial providers, as is the case today – a practice that raised trust, security and privacy concerns.”

Researchers have recently focused on zero-knowledge proofs as a possible way to ensure regulatory compliance and privacy in digital currencies.