Shanghai includes the Metaverse in its five – year electronic information development plan

  • The city of Shanghai has shown its interest in the metaverse market by including it in its five-year development plan.
  • Thousands of Chinese – based companies have taken an interest in the new virtual technology, despite numerous warnings about its dangers.

Shanghai, the most populous city in China, has included plans for meta-analysis in its five-year development plan released Thursday.

Chinese government departments and local authorities publish such plans to detail how they intend to implement the central government’s five – year plan. To date, China has had 14 such plans, the most recent of which was published in March this year. The latest plan is the only one that mentions the word «blockchain.»

Among the published plans, the latest from Shanghai is the only one citing the metaverse, according to Chinese media reports. The Shanghai Municipal Commission for Information Economy and Technology cites it as one of the four frontiers to be explored in the electronic information industry development plans.

Shanghai Confirms Metadata Development Plans

Some translations of the Commission’s statement state that it intends to «encourage the application of meta-analysis in areas such as public services, commercial offices, social entertainment, industrial manufacturing, production security and electronic games.» In addition, the Commission intends to encourage research and development of basic technologies such as sensors, real-time interactions, and blockchain technology. However, no specific timelines were provided for these achievements.

The meta-industry is one of the latest buzzwords, due to its potential to be the next generation of the Internet. Her technology drew so much attention to its capabilities that it even forced the social media giant Facebook to change its name to Meta. Earlier this month, Microsoft co – founder Bill Gates predicted that most virtual meetings would be held in the metro within the next 2-3 years.

China is steeped in new technologies, although it has opposed some like cryptocurrencies. For example, the development of the digital yuan is the highest in the world to date. The country has provided a biometric digital wallet for the virtual yuan.

Interest in the metro is growing. This week, the Beijing – based tech company claimed to have hosted the first metaverse-based conference in the country. The event drew the attention of the developers to the company’s meta-versa application, XiRang, which it hopes to fully launch within the next six years. Other Chinese companies working hard on developing meta-analysis technologies include tech company Tencent and e-commerce giant Alibaba. In addition, more than 1,000 companies in China filed thousands of metaverse trademark applications.

More information: Chinese companies led by Tencent and Huawei apply for metaverse marks despite PBoC warnings

Skepticism from the Central Bank and state media

All of these developments came despite the People’s Bank of China (PBoC) issuing warnings about the metaverse and non-fungible signals (NFTs) in November. The country’s state media has published several articles on the same, highlighting how the industry is plagued by scams.

Winston Ma, an assistant professor of law at New York University, says new rules for meta-analysis are likely to be established. Ma says the reason is that certain aspects of meta-analysis are related to cryptocurrencies and NFTs, which have been heavily scrutinized in China.

Esdras Collins

Esdras Collins is an early investor in bitcoin and a veteran trader in the cryptocurrency and foreign exchange markets. He is fascinated by the complex possibilities of blockchain technology and is committed to making the subject accessible to all. His reports focus on the development of various cryptocurrency technologies.

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