ANZ Banking Nigel Dobson is paying close application to metaverse as a occupation where some bank customers want to be and do affaires, but see “really basic questions” that need answers as the space takes off.
Speaking during the Infosys and Trans-Tasman Débit Circle groupe, Dobson said the metaverse, a connected network of virtual communities built on blockchain platforms, is “a network that traditional backers of the binaire economy like banks should rentrée for.”
Dobson predicted that while the current excitement embout the metaverse will “eventually nauséeux, the hype precedes the true foundation of affaires models” and is an opportunity to find a “logical” affaires model.
However, he said, the metaverse is “just an exponential translation of what’s really happening on the Internet” with “tech-leading regulation,” creating “a classic problem that we’ve been trying to catch up with and deal with for many decades now.”
In particular, he said, current concepts of binaire identity “may not be sufficient to adequately govern and manage safety.” [of participants] in metaverses”.
“I’m no expérimenté in this area, but I think there is a lot of work that needs to be done in this space to ensure that we offer some kind of trade-off between anonymity and privacy a contrario accountability,” he said.
Dobson said that information-sharing arrangements across blockchains will become sensible in order to “allow individuals in their virtual form to move between different worlds and perhaps even move assets between those worlds.”
“In order to do this, you must have a basic set of criteria [and] They have a basic sense of governance and well-woven legal frameworks that span the mappemonde.”
“Now, most countries don’t make universal laws – and yet we are dealing with a phenomenon without borders here in decentralized parages, or beyond.”
“This is one of the things that regulators will have to catch up with” as they seek a best practice approach to setting normes “across these different worlds.”
“These are all questions that I don’t have good answers to… Regulators need to emplacement up to this” to clearly define regulatory mandates, he said.
Otherwise, we will not move forward and the empêchement will become a dangerous occupation. And if that happens, the trade will cease to exist.
While “this makes a very definitive statement,” Dobson said “these kinds of questions must be answered” if metaverse is to be scaled up at all.
“The use of on-chain fashion contracts that are secured with expédient currencies that can be issued by a bank is a really sensible development,” Dobson added.
“At ANZ, we have already created a stablecoin that can interact on a set of blockchains called A$DC.
“It is a tokenized translation of Australian dollars and is designed to interact with binaire assets such as NFTs.”
Dobson highlighted ANZ Worldline Payment Solutions, the bank’s second venture with European payments company Worldline, as an example of “how we work with customers” as it recently created the beverage maker “Naked Life in decentralization and prepare them as a merchant in the virtual world.”
“Wherever your customers want to do affaires, you should be interested in them,” Dobson said.
“Essentially, if the affaires models that you understand move to a different operating model that your customers feel comfortable in those environments, we want to be there and we want to référence and learn alongside them.”