China’s Anti-Crypto Stance Softens: Standard-Setting Body for Metaverse Emerges with Huawei and Tencent on Board
Inclusive Collaboration: 60-Member Strong Team Emerges for China’s Metaverse Standard-Setting Body, Including Universities and Institutions
Despite a September 2021 ban on all cryptocurrency-related activities, China is now actively delving into the metaverse sector. The country has orchestrated a collaboration among its prominent tech giants to establish a body dedicated to setting standards for the utilization and exploration of the metaverse within China. Notable participants in this endeavor include Huawei, Ant Group, Tencent, and Baidu, representing a powerhouse consortium. Further enriching this initiative, a consortium of universities and institutions has also joined the project, collectively contributing to a robust team of 60 members.
Looking ahead, China aims to conduct comprehensive research into the potential applications and capabilities of leveraging the metaverse for manufacturing and communication purposes. Additionally, there is a keen interest in exploring the concept of ‘digital humans,’ as reported by China’s Global Times.
This ambitious venture aligns with the nation’s strategic vision, contemplating how the utilization of digital humans and virtual environments can enhance productivity and reduce operational costs for businesses. Liu Dingding, a tech industry analyst, emphasized the transformative impact that embracing digital humans and virtual realms could have on various industries.
Among other initiatives that the group will undertake, members plan to train people around metaverse and participate in the formulation of global industry standards to govern the technology.
Built on blockchain, the metaverse can be explained as a fully functional virtual universe that provides a digitally immersive environment for people to work, socialise, and play games in. Cryptocurrencies like Bitcoin, Ether, Solana amongst others are used to purchase virtual commodities in the metaverse.
In that respect, its rather interesting that China – that is strictly anti-crypto – is now turning its focus to experiment with the metaverse tech.
China’s metaverse industry is projected to boom to the valuation of CNY 180 billion ($25.29 billion or Rs. 2,08,049 crore) in the next two years by 2026. The country is also reportedly exploring digital IDs and real punishments for crimes committed in the metaverse.
