Latest News

Metaverse is part of China’s Shanghai development plan

Over the next five years, Shanghai, China’s most populated city, is exploring for methods to employ metaverse in public services.

One of the four frontiers for exploration stated in Shanghai Municipal Commission of Economy and Information Technology’s five-year development plan for the electronic information industry is metaverse.

According to a report by CNBC, the study recommended boosting the use of the metaverse in public services, company offices, social leisure, industrial manufacturing, production safety, and electronic games. The commission wants to stimulate more research and development of underlying technologies including sensors, real-time interactions, and blockchain.

In recent years, China’s interest in new technologies has remained steady. China’s efforts to create a central bank digital currency (CBDC) and its usage of digital biometric hardware wallets for the virtual yuan have solidified the country’s position as a leader in CBDC issuance.

China’s State Council unveiled its 5-year development plan in March, which includes several of these same exploratory fronts. The term “blockchain” is use for the first time in China’s 14th five-year plan, according to Cointelegraph. The document outlines the country’s economic goals for the next five years, from 2021 to 2025.

Additionally, In recent months, the metaverse has piqued the interest of a number of prominent corporations. Facebook changed its name to Meta in October to capitalize on the growing use of the word metaverse.

Also, Despite the People’s Bank of China’s (PBOC) warning in November about metaverse and nonfungible tokens (NFTs). That’s, over 1,000 Chinese companies have submitted tens of thousands of trademark applications using the word. Then, According to the South China Morning Post, more than 1,360 Chinese companies have applied for 8,534 trademarks.

So, Metaverse technologies are being developed by Chinese corporations, with Baidu, Tencent. Then, and Alibaba among those actively working on related projects. Lastly, Baidu introduced its XiRang metaverse app last week, which will be fully operational in six years.

Related Posts – Ex-SEC Chair, Jay Clayton Believes Cryptocurrency Industry Is For Long Haul

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.