Beijing announces two-year plan to develop metaverses

The initiative provides for the creation of technological infrastructure and support for its use in various fields, including education and tourism

24.08.2022 - 14:40

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What’s new? The Beijing authorities have presented a plan for the development of metaverses for the years 2022-2024. The document refers to the metaverse as a new generation of information technology and innovation integration that will drive the development of the Internet in the direction of Web 3.0. The initiative provides for the creation of technological infrastructure and support for its use in various fields, including education and tourism.

Information on the government website

What are the main objectives of the plan? The development program provides for the integration of technical tools, such as 3D visualization and GIS (geographic information system), to create a digital platform of visual urban space and the corresponding development of digital intelligent infrastructure.

The metaverse development plan also requires counties and municipalities to provide financial and personnel support for the creation of virtual reality. The Beijing government also demanded to monitor NFT trends and explore regulatory programs to support innovation.

Although mining and financial transactions with cryptocurrency are banned in China, the government has begun to show interest in the concept of metaverses since early 2021. Shanghai also included metaverses in its three-year development plan. However, in August, Tencent-owned NFT platform Huanhe halted issuing and selling digital collectibles, citing increased regulatory scrutiny.

After the Chinese media repeatedly drew attention to the problems associated with NFT speculation, Tencent and Ant Group Holdings signed an agreement in June to stop secondary token trading and self-regulate activities in the market.

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