BIS: Virtual universe may place new requirements on payment services
According to a report from the Bank for International Settlements (BIS), virtual worlds may demand new requirements for payment services, and central bank digital currencies and faster retail payment systems may better meet these requirements than cryptocurrencies.
A Citigroup report in 2022 predicted that the economic value of virtual worlds could reach $13 trillion by 2030. Although the hype has since subsided, the Bank for International Settlements stated that if the metaverse is successful, it will have a significant impact on the digital economy and will demand new requirements for payment services, "such as fast, programmable, and cross-border payment services."
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