Widespread adoption of crypto-assets in the metadata could pose a systemic risk to financial stability and require “strong consumer protection.” These conclusions were reached by Bank of England employees Owen Locke and Teresa Cachino.

According to them, large volumes of “real economic transactions” in cryptocurrency will pass through decentralized digital worlds and platforms. According to the Central Bank, this could potentially have ramifications for financial stability.

“So an important step for regulators is to address the risks associated with the use of crypto-assets in the metadata before they become systemic,” Lock and Cashino said.

They presented a scenario where consumers spend a lot of money and time in virtual worlds. Bank officials said households could store some of their savings in digital assets. Companies will also start accepting payments in cryptocurrencies, and financial institutions will start offering industry-related services.

“We argue that if the open and decentralized metaverse grows, the current risks associated with crypto assets may scale up and have systemic consequences for financial stability,” Central Bank officials said.

Previously, analysts at Citibank, the largest international bank, predicted that the metaverse economy would grow to $13 trillion by 2030.

According to Trend Micro experts, the development of virtual worlds will lead to the spread of traditional cyber threats in them and the emergence of new ones.

Recall that Ethereum co-founder Vitalik Buterin said that companies’ attempts to create a metaverse are doomed to failure.

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