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China Accelerates its Transition to Web 3 Despite its Dislike of Bitcoin but not Metaverse.

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The metaverse is a government concern in China. The Beijing city administration unveiled its two-year action plan, which emphasized innovation and the growth of metaverses, in a news release dated August 23.

The districts are mandated by this initiative, which is in effect from 2022 to 2024, to create the technological foundation needed for the metaverse at the municipal level and promote its application in a variety of industries, including tourism and education.

The creation and incorporation of critical technologies, including 3D visualization or geographic information systems (GIS), will go hand in hand with this innovation plan and help to “build a city of reference for the global digital economy in the city’s sub-center.”

The districts will also be required to support the creation of this metaverse financially and in terms of human resources as part of this initiative. However, the press release omitted to mention the dollar amounts of the funds that will be awarded to qualified projects.

A crucial technology is the BLOCKCHAIN.

This Beijing municipal government plan is consistent with China’s present strategic approach, which intends to make the country’s capital a global hub for scientific and technical innovation by 2025. In January of last year, the authorities made this vision and the information it contained public.

The 14th five-year plan, which runs from 2021 to 2025, is intended to boost the nation’s technological and scientific capabilities. Vice Mayor Jin Wei stated at the time that Beijing’s innovation, originality, and competitiveness are anticipated to lead the world starting in 2035.

The implementation of initiatives to support and stimulate both fundamental research and important technologies like quantum information, artificial intelligence, blockchain, and health has been highlighted by Jin Wei.

Being notoriously anti-crypto, China even went so far as to legally outlaw cryptocurrency mining there. However, it appears to be relying on a coordinated effort for the growth of the metaverse and NFTs in its region in order to position itself as the leader of web3.

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