China Plans to Boost Metaverse Industry Despite Crypto Ban
China has announced a three-year action plan to expand its domestic metaverse industry and foster the development of three to five metaverse companies with global influence by 2025. The plan, published by several state agencies, aims to harness new-generation technologies such as blockchain, artificial intelligence, virtual reality, augmented reality, and mixed reality. The blueprint focuses on achieving five key goals, including the seamless merging of the physical and digital worlds by 2025. The Chinese government has been showing interest in the metaverse concept for some time. In 2022, the Shanghai and Henan governments announced plans to invest billions of yuan in metaverse development. Despite the crypto ban, the Chinese metaverse market has attracted significant investments and is projected to be worth $5.8 trillion by 2030.
Hot Take: China Embracing Metaverse Amidst Crypto Ban
China’s ambitious three-year action plan to boost its metaverse industry reveals the country’s recognition of the potential and value of this emerging technology. While China has imposed a blanket ban on crypto-related activities, it is actively pursuing the development of the metaverse, leveraging technologies like blockchain and AI. This move highlights China’s determination to maintain its position as a global tech leader. The plan’s focus on merging the physical and digital worlds demonstrates the wide-ranging applications of the metaverse concept across various industries. With significant investments already pouring into the Chinese metaverse market, it is evident that despite the crypto ban, China sees the metaverse as a lucrative opportunity for innovation and economic growth.
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