The agency noted that crypto assets in virtual environments like Decentraland and The Sandbox can be exchanged for fiat currency on other cryptocurrency platforms.
The Consumer Financial Protection Bureau (CFBC) has targeted crypto-centric gaming in its report, cautioning against scams and decreased consumer safeguards in video games and virtual realms.
The CFPB’s report titled “Banking in Video Games and Virtual Worlds,” released on Thursday, April 4, highlights rising interest among gaming creators in bridging virtual items to reality. While crypto’s presence in virtual gaming is limited, it’s gaining traction.
Despite their lower popularity compared to mainstream gaming platforms like Roblox or Fortnite, the agency emphasized the significance of crypto-asset virtual worlds. Third-party trading platforms enable users to convert virtual assets into fiat currency, enhancing their liquidity beyond conventional gaming markets. The agency’s report said:
