Still haunted by Diem’s failure, Meta once again submitted proposals to governments on how they could approach the regulations governing the Metaverse.
Because of opposition from U.S. officials as soon as it was launched, Facebook’s plan to make stablecoin Diem (formerly Libra) soon faded after years of stagnation. Facebook then went back to betting heavily on the Metaverse, even changing the company’s name to Meta reflecting its ambitions. Despite this, the company still has many disagreements with global regulators on how to shape the future of Metaverse.
Meta’s Head of Fintech Legal Edward Bowles said the company was expecting “connectivity” in terms of policy among global regulators and said it was only in the “early days” of the fight for the rules of the Metaverse economy.
Meta’s proposal includes a desire for governments to take a neutral view of Metaverse technology, recognize the potential economic benefits in Web3, and emphasize the importance of government collaboration, specifically for integrating national digital currencies.
Speaking at the DealBook Conference on 30/11, CEO Mark Zuckerberg remained optimistic about the Metaverse, saying that times have changed and we live in a very different world. Besides, Mark said he was “not one bit concerned” about the skepticism of public opinion.
Contrary to the bright future vision, Meta continuously reported losses in the reporting periods of business results with $ 3 billion (Q1), $ 2.8 billion (Q2) and $ 3.7 billion (Q3), respectively. After that, 11,000 employees must be cut to save operating costs.
Meta struggled to convince the world of its plan, but even the people in the company really didn’t understand how it would work. A poll in May revealed that only 58% of employees understand the company’s Metaverse strategy.