Chinese authorities have been exercising strict control on crypto mining and other activities over the last couple of years. Now their focus has shifted to metaverse growth within their country. During the country’s annual meeting of the “Two Sessions”, the discussion of authorities revolved around the “metaverse”. This discussion was the first to take place at the national level, and delegates wanted regulations put in place. Regulations are needed to ensure safety of data and to ensure that no speculation took place within this industry.
So far, China has managed to stop crypto growth within its borders quite successfully. Now metaverse is emerging as the newest frontier for China’s tech companies. Firms like Tencent, ByteDance and others have already begun to apply for patents in this sector. Alibaba has already begun to release NFTs based on the metaverse idea.
Many delegates who attended the Two Sessions meetings believe that this budding industry has plenty of room for growth and it can be managed with regulations. According to a National People’s Congress member, setting up a research institute on a national level can spur metaverse growth. He also said that if a lot of investment comes from industry, it can nurture and support the development of talent. If this was done, China could be the leader in the metaverse space. Development of course, would have to face and deal with issues like data security, protection of information and also cut down on speculation.
While most countries are realizing the need for regulating the crypto industry, China has been hostile since 2013. It has managed to curtail growth and it is evident from its reduction of bitcoin mining and transactions from 90% to just 10%.