The Metaverse has recently become one of the fast-growing digital movements across the globe. The hype around the virtual space is that it will become the hope and essence of the future. As a result, many companies, organizations, industries, and even nations’ governments are creating their Metaverse versions based on different purposes.
A recent report revealed that the municipal government of Beijing announced its two-year plan for metaverse innovation and development. The government period of execution runs from 2022 to 2024. Also, it mentioned that it would comply with all districts on its innovation plan for the new Web 3 project.
According to the plan, the development program will integrate technical approaches like 3D visualization and Geographical Information System (GIS). In addition, it plans on building an urban space digital platform. Also, it will ensure intensive advancement for the layout of digital native intelligent infrastructure.
Additionally, the districts are expected to create technological infrastructure at the different city levels. Also, they are to promote the plan by utilizing some fields like tourism and education.
Part of the action plan for the Metaverse development includes instruction for municipalities and districts to provide human and financial support in building a virtual reality. In addition, the municipal government of Beijing demands tracking the trends in non-fungible token technology.
Also, the region will embark on the exploration of regulations on sandbox programs that would support the innovation move.
The official document for the Metaverse, through a Google Translate transcript, revealed that the government is geared toward promoting digital education.
Also, it will support the partnership between Metaverse-related technology firms and educational institutions. Its plan cuts across the expansion of online intelligent and interactive education models and the development of digital teaching platforms.
China’s Stance On Crypto And Metaverse
Though China is famous for its position as an anti-crypto nation, its thoughts are pretty different on the Metaverse concept. The government has taken a great interest since the beginning of 2021 in the Metaverse. Shanghai was the first to declare its five-year development plan on the Metaverse.
In the past few months, two giant firms in the country announced their action plans on Metaverse and NFTs, which could last for several years. After that, however, there could be an optimistic breed from the increasing attraction of the Chinese government to top Web3 technologies.
The interest could lead to extended adoption in the country with a remarkable resemblance to its central bank digital currency (CBDC). The currency got millions of users even in its pilot phase.
Despite the government’s attention to emerging technology, it is yet to maintain regulatory measures that would favor tech firms in the same direction. Recall that in July, Tencent shut down one of its NFT platforms due to stricter monetary policies from the government. The regulatory actions caused huge sales declines for the NFT platform.
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