The U.S. CFPB reminds users to beware of financial risks related to crypto assets in video games and virtual worlds

The U.S. Consumer Financial Protection Bureau (CFPB) said in a report titled "Banking in Video Games and Virtual Worlds" that cryptocurrencies may have a small share in the virtual game world sector, but game creators are growing interested in bringing virtual items into the real world, and users need to be wary of financial risks in video games and virtual worlds. The report states: "While these crypto asset virtual worlds are far less popular than virtual game worlds such as Roblox, Second Life or Fortnite, it is worth noting that due to the prevalence of third-party crypto asset trading platforms, users can convert the native crypto assets of the virtual world into fiat currency, which makes them more permeable than the typical game market. It is worth noting that some of the largest virtual game world publishers have expressed increasing interest in positioning their virtual items as crypto assets that can be traded outside the game economy." The agency added that crypto assets in virtual worlds such as Decentraland and The Sandbox can be traded for US dollars on other crypto platforms. (The Block)