China hates Bitcoin, but not the metaverse: the country is accelerating the step towards web 3


virtual city – Beijing unveils its plan which should accelerate the development of metave in the Chinese capital, thanks to support from the city’s institutions.

In China, the metaverse is a state affair. In a press release dated August 23, the municipal government of Beijing revealed its two-year action plan, focused on metaverse innovation and development.

This programwhich spreads from 2022 to 2024obliges the districts to build the technological infrastructure required for the metaverse at the city level, and encourage its use in various fields such as education, or tourism.

This innovation plan will be accompanied by the development and integration of essential technologiessuch as 3D visualization or Geographical Information Systems (GIS), which will contribute to the ” the construction of a city of reference for the digital economy at the global level in the sub-center of the city “.

As part of this program, districts will also support financially and in terms of human resources, the construction of this metaverse. The press release, however, did not specify the figures on the grants that will be paid to eligible projects.

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Blockchain: a key technology

This plan by the municipal government of Beijing aligns with China’s current strategic approach, which aims to transform its capital into a Global Center for Science and Technology Innovation by 2025. The authorities revealed this vision and related details in January last year.

The country wants strengthen the country’s strengthin science and technology during the period of the 14th five-year plan, which extends from 2021 to 2025. In this respect, the vice-mayor Jin Wei indicated at the time that Beijing’s creativity, competitiveness and influence in terms of innovation should dominate globally from 2035.

Jin Wei had highlighted the deployment of efforts aimed at supporting and encourage as well the fondamental research only key technology like quantum information, artificial intelligence, blockchain and health.

China is known for its anti crypto stance, going so far as to officially ban cryptocurrency mining in the country. But, she apparently wants to be in the leader of the web3relying on the collective effort for the development of metaverse and NFTs on its territory.

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