China, where crypto is banned, has set up a working group on the metaverse

China, the world's second-largest economy after the United States, has formed a working group to "ensure standardization" on the metaverse. The announcement was officially made by the Ministry of Industry and Information Technology.

The working group also includes Chinese tech giants such as Huawei, Ant Group, Tencent, Baidu, NetEase and Sense Time.

The ministry also made a statement on the subject in September, noting that it is important to achieve consensus among stakeholders in terms of setting basic standards such as the technology, terminology and design of the metaverse.

"Speculation hinders development"

In today's statement of the Ministry, it was stated that there is currently no consensus on the metaverse from an academic and industrial point of view, and at the same time, the capital and business world create speculation in this area, preventing real technological development.

Crypto is forbidden, but...

Although China has repeatedly announced its support for developments in private blockchain technology and Web3 and the metaverse, the ban on decentralization continues. The country, which banned cryptocurrencies and mining in 2021, is seen as the world's No. 1 in terms of CBDCs.

Last month, the ministry announced that it would unveil a clear roadmap for Web3 development.

Only one region could have a market cap of $35 billion

It is known that Sichuan, one of the most well-known regions of China and a center in this regard before the mining bans, has also taken steps in the metaverse. The Sichuan provincial government said in August that it expects the region's metaverse market cap to be 35 billion by 2025.

Published: January 19, 2024 13:09Last Updated: January 19, 2024 13:21