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The whole world is familiar with China’s stance regarding crypto after the country banned all crypto mining operations last year. This caused the crypto miners to move from China to other countries that were relatively crypto-friendly and had sustainable sources of energy. This negatively impacted the hashrate of Bitcoin and was a worrisome moment for crypto enthusiasts.
Now, the Metaverse is under the spotlight in China, where it was examined at the most important set of political meetings in the country, Two Sessions.
As per reports, there was a heated discussion at the meetings about Metaverse. It was also suggested that regulation needs to be implemented immediately to ensure data security as the Metaverse industry develops. Let’s find out more details.
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Metaverse in China
As the Metaverse industry has been developing, it has been grabbing the attention of a vast audience all around the world.
Some of the biggest tech companies in China including NetEase, Tencent and Baidu have been applying for patents related to the Metaverse sector.
A deputy to the National People’s Congress, Kong Falong, suggested that the government should invest in the sector and build a national research institution in the Metaverse.
According to Kong, by building this institution and supporting technology developments in Metaverse the country can nurture talent and become a leading nation in this new field.
However, there are concerns about data security, speculation and information protection that may emerge if these are not regulated properly. This is why the Metaverse was examined at a national level at the political meetings this Saturday for the first time.
Several members of the Chinese People’s Political Consultative Conference (CPPCC) have stated that regulating Metaverse needs to be done on an urgent basis.
Last month, The National Intellectual Property Administration received around 16,000 trademark applications that contained the word “Metaverse” but not all of those projects were related to the sector.
Considering this, China’s Banking and Insurance Commission (CBIRC) issued a warning against fundraising schemes that were disguised as fake blockchain games, Metaverse projects and more. The warning by the CBIRC does not intend to restrict the investment in Metaverse but it is meant to control any frauds and schemes regarding illegal fundraising.
The local governments are looking for opportunities and the discussion about regulating Metaverse indicates that the country wants to be a part of the sector.
However, a few key areas need to be kept in mind, especially regarding the security of data, information and more. The growing prominence of Metaverse is also likely to impact the cryptocurrency future positively but that will be seen more clearly in time.
What to Know as a Crypto Investor?
The Metaverse does benefit the crypto industry as it is expected to boost crypto adoption on a global scale. As the Metaverse industry is booming, more and more people are attracted to the crypto industry as well.
However, if you are interested in stepping into the crypto space, make sure you take your time, look at the price movements of the crypto assets and choose a secure and suitable exchange.
Since the prices of digital currencies fluctuate a lot it is helpful that you choose an asset and then invest in it once you have an idea of its price movement.
If you are new to the crypto space and want to purchase digital assets like BTC or ETH then you can click on SwissBorg or Kraken (U.S. citizens).
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