The Metaverse could potentially host large volumes of cryptocurrency transactions that could pose risks to users and investors, researchers from the Bank of England said in a blog post on Tuesday. According to Owen Lock of the BoE’s Resilience Division and Teresa Cascino, the Bank’s Fintech Hub, institutions were urged to regulate cryptocurrency use to mitigate meltdown risks in the Metaverse. A statement released by the Bank of England a few hours ago. They’re coming for our JPEGs and the only way we can win this is by onboarding 100M people to the open metaverse ASAP. Figures from Citibank have found that the Metaverse is set to reach a total market value of $13 trillion USD by 2030 and host up to five billion users, leading to the development of a virtual economy.

Source: Libya Today August 11, 2022 12:43 UTC