Thursday, July 25, 2024

Despite Crypto Crackdown, China Prepares for Metaverse with Standards Body.

China, which outlawed the usage of cryptocurrencies in September 2021, is showing interest in learning more about the metaverse industry. To create an organization that would establish guidelines for the usage and investigation of the metaverse in China, the nation has brought together a number of its own digital behemoths. Tencent, Huawei, Ant Group, and Baidu are a few of the tech giants that have been included in this recently established organization. This project now includes a number of universities and other institutions, bringing the total number of members to sixty.

China intends to carry out an in-depth study on the possible uses and prospects of manufacturing and communication through the metaverse in the future. China is also investigating the idea of “digital humans,” according to a Global Times piece published this week in China.

The study cited tech industry expert Liu Dingding as saying, “The use of digital humans and virtual environments can boost productivity and reduce costs for businesses.”

This change in emphasis, according to a story from the Global Times, occurs after the nation’s Ministry of Industry and Information Technology (MIIT) presented in September 2023 an ambitious three-year action plan for the growth of the metaverse and industrial innovation.

By 2026, it is anticipated that China’s metaverse market will have grown to a valuation of CNY 180 billion, or $25.29 billion. According to reports, the nation is also investigating the use of digital IDs and the actual penalties for offenses committed in the metaverse.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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