EU Commission declares backward legislation in field of Metaverse and ChatGPT
2023.03.08 03:33
EU Commission declares backward legislation in field of Metaverse and ChatGPT
By Kristina Sobol
Budrigannews.com – Margrethe Vestager, executive vice president of the European Commission, suggested getting started on brainstorming the implications of technologies like the Metaverse and ChatGPT in light of the regulatory struggle to keep up with ever-evolving innovations.
During her speech at the Keystone Conference on competition policy, Vestager emphasized the risks and opportunities that the digital transition and the transition to a digital economy have presented to the general public. She adds that she is of the opinion that legislation is behind technological advancements:
We have certainly not acted too quickly, and this could be a valuable lesson for us to learn in the future.
Vestager emphasized the importance of anticipating and planning for such changes, despite the fact that the legislative and enforcement processes will continue to lag behind technological advancements. She declared:
“For instance, it is already time for us to begin asking questions about what healthy competition should look like in the Metaverse or how something like ChatGPT may alter the equation,”
She also revealed that the EU Commission would launch antitrust investigations into the Facebook marketplace and Meta’s use of rival advertising data starting in May 2023.
The European Blockchain Regulatory Sandbox went live on February 15 and will host 20 projects per year through 2026 for regulatory dialogue.
Together with the @EU_Commission and our consulting arm OXYGY, we are pleased to announce today that applications for the first cohort of the European blockchain regulatory sandbox for blockchain/DLT innovators are now open.
On the other side of the spectrum, lawmakers in the European Union are discussing the use of zero-knowledge proofs for digital IDs. In its report on the subject, Cointelegraph emphasized:
“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 currently – a practice that raised trust, security, and privacy concerns,” the statement reads.
Researchers have recently focused their attention on zero-knowledge proofs as a potential strategy for ensuring digital currency privacy and compliance with regulations.
