Facebook Will Impose Restrictions on Cryptocurrencies in Its Metaverse

Full freedom of cryptocurrencies could provoke rampant fraud and chaos, says Oculus CTO.

Libertarians shouldn't expect complete freedom for cryptocurrencies in the metaverse from Facebook. This opinion was expressed by John Carmack, the consulting chief technology officer at the virtual reality company of Oculus, at the Facebook Connect 2021 conference.

According to him, the social network will introduce restrictions on the circulation of cryptocurrencies. This is because a completely uncontrolled site would become a breeding ground for fraudulent schemes and spam.

It is unlikely that we will get a completely open world with support for cryptocurrencies. The libertarian inside of me sympathizes with the idea of unstoppable remittances on a global scale, but I am reasonably aware of the whole swamp of fraud,” Carmack said.

He added that the metaverse on Facebook called Facebook Reality Labs is unlikely to be as commercially successful as, for example, the adult entertainment industry. However, Carmack did not predict its potential revenue.

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Read also: What Can You Do in the Facebook's Metaverse?

At the same time, the head of Meta (formerly Facebook) Mark Zuckerberg believes that the metaverse will create a digital commerce market worth "hundreds of billions of dollars." To achieve these feats, the company has already allocated more than $10 billion for the development of the ecosystem.

Moreover, the company intends to increase its investments in the next few years. The money will go to products, services, and other augmented and virtual reality projects.

Oculus is a Facebook Technologies brand bought by the social giant in 2014 for $2.3 billion in stock and cash. The division produces virtual reality headsets including the Oculus Rift and Oculus Quest lines.

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