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- For the first time, the metaverse was studied on a national scale during the Two Sessions.
- Delegates agree that regulation is urgently needed to manage data security and limit speculation as the metaverse business grows.
For the first time, the metaverse was studied on a national scale during the Two Sessions. Against this backdrop, the term “metaverse” has been a buzzword in China over the last year, with digital giants Tencent, ByteDance, NetEase, and Baidu filing patent applications in the field.
Metaverse will boost China’s economy
The government set a three-decade low GDP growth target of 5.5 percent for 2022 during Saturday’s Two Sessions, China’s most significant series of political meetings, but the grim economic forecast did not damper the delegates’ passionate metaverse discussion.
Kong Falong, a National People’s Congress member and the party secretary of a rural credit cooperative in Jiangxi province’s southeast, Kong believes that through increasing investment in talent development and metaverse technology development, the country would be able to take the lead in the new race.
China’s concern about Metaverse
Data security, information protection, and speculation concerns may arise as the metaverse expands, and they should be governed effectively, according to Kong.
Zhang Ying, a member of the Chinese People’s Political Consultative Conference (CPPCC), an advisory body made up of industry executives and party delegates, was arrested on Saturday, according to official media. China’s metaverse industry is too focused on improving the entertainment experience and lags behind in critical technology advancements.
Zhang also mentioned the “urgent” need for regulation, noting “serious” speculation in the metaverse’s current status.
In separate interviews with local media sites, at least two other members of the CPPCC asked for metaverse rules.
Residents are ready to ride the wave
Companies in China are putting every effort to ride the wave. Last month, the National Intellectual Property Administration announced that it had received at least 16,000 trademark applications with the word “metaverse” in them.
However, not all of these initiatives are metaverse-related.
China’s Banking and Insurance Commission (CBIRC) warned against unlawful fundraising schemes disguised as false metaverse activities, blockchain games, digital real estate, and cryptocurrencies in February.
Possibilities beyond Metaverse
According to People’s Daily, the Hongkou district administration in Shanghai has established a billion yuan (US$158 million) fund for metaverse development.
According to a state media report, proposals at a January meeting of Beijing’s municipal political advisory body discussing the metaverse’s development included a registration system for metaverse communities aimed at stopping them from swaying public opinion and triggering economic or financial crises.
While cryptocurrencies have become a distinguishing component of many Western metaverse worlds, they are conspicuously absent from China’s metaverse due to Beijing’s restriction. Instead, the many kinds of digital payment already in use in China, such as the central government’s digital yuan, will most likely take their place.
Despite the numerous potential constraints, some businesses believe China’s metaverse will thrive simply because Chinese customers are prepared to experiment with new types of online entertainment.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
