Nanjing, Jiangsu Provincial Capital, Eastern China on May 22, inaugurated the China Metaverse Technology and Application Innovation Platform. Its aim is to encourage and let Metaverse progress with its research and maturing across the country.
The freshly established state-backed entity is run by the Nanjing University of Information Science and Technology (NUIST). The university has made an announcement on its official social media account. The aforesaid proclaims it to be the platform inclusive of founding members exhibiting varieties of academic institutions along with metaverse-related firms. It limits no state boundaries but includes all throughout the mainland of China.
Chinese ByGone Times
Metaverse platforms offer a centralized and authoritative approach with the support of tech giants such as Alibaba, ByteDance, Tencent, and Baidu. But the story isn’t the same in the West. Decentraland and The Sandbox are examples of decentralized metaverse platforms.
A development plan in China is at its run. It has already started in nine major cities within the country. The transactions here include accepting digital Yuan for subway transportation. CBDC digital currency is also taken into consideration. The bus passengers in Ningbo have also been seen using the CBDC option for payments. It’s orchestrating across ten transit routes.
Cases have been seen in Guangzhou, accepting digital Yuan as payment for tram rides. Many other cities are starting to get digital currencies into their daily lives, seeing phenomenal changes in people’s payment techniques and making their lives easier than what they have been doing with their traditional payment methods.
Metaverse Innovation and Development Plan
China’s announcement includes a two-year plan comprehending digital currency integration. Going ahead with the country’s digital development, China plans to include NFT in the country’s normal life. Carrying on the benefits of these Digital-Currencies can be taken as a changing reform in the economic sector of the country and its financial future.
Beijing, China’s capital, calls it the ‘Metaverse Innovation and Development Plan’ which will integrate NFTs and metaverse plans in the country. A time span of 2022 to 2024, will be showing the performative results as the chances show. The government backing the plan will help the system to flow through the veins of the financial ecosystem in China.
In former times, crypto mining was banned in China. The government had imposed harsh monetary policies on NFTs. These measures restricted the normal people of China to get involved in activities comprehending the crypto environment. This reform aims to unite the resources of academic institutions and enterprises in China and boost research efforts in the metaverse field.
The Chinese Government Goal
The Chinese Government moves to aim its intentions on creating a digital economy through administrative measures only. Here, the authority will rest in the hands of the government, and the society and economy both will be in the hands of the government. No private authority will be able to concord or hold power over the finances of the country.
The government’s attention is on introducing metaverse plans in the education and tourism sector to enable the country to be a centre of the digital economy. Also, the plans include theme parks and lifestyle centres which will be a big share of digital development.
Even Shanghai has made some crucial progress in the metaverse plans of the country. It introduced Web3 in the public services, business, entertainment, and manufacturing sectors. China’s e-CNY token is already increasing its audience and asset worth with citizens accepting it into daily fate.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/25/chinese-government-on-big-daily-honk-metaverse-and-digitization/