Beijing has announced a two-year plan for the Metaverse

The Beijing government has just released a two-year plan for metaverse development and Web 3.0 innovation that all districts must adhere to.

What do South Korea, Saudi Arabia and South Africa have in common? Well, the citizens of these countries have a positive opinion about the Metaverse and everyone is investing a little bit in the technology. Because these countries have realized the potential of this new technology and are already reaping its benefits. And according to a development plan released last Tuesday, China is joining these countries.

Beijing’s two-year plan

Metaverse is a new generation of online technology that allows for a more immersive and user-friendly experience. Think of it as a way to bring the physical and digital worlds together Although still evolving, this technology is already beginning to change how we interact with the Internet.

Although some Chinese citizens are aware of these facts, many are still unaware. This is why the Chinese government has come up with a plan to increase Metaverse awareness and ensure the country is at the forefront of this innovation.

The action plan relies on numerous districts in Beijing developing infrastructure that will promote the use of Metaverse technology. Additionally, the plan will integrate 3D visualization and GIS technology to create a “visual urban space digital platform”.

Beijing authorities are encouraging districts to provide HR and even financial support to their citizens in building Metaverse. The government will begin tracking NFT technology trends and explore regulatory sandbox programs to support innovation.

If you’ve been following the news recently about China’s stance on crypto, all of this may seem surprising to you. Last year, the People’s Bank of China banned all cryptocurrency transactions in the country. So, what has changed?

Well, the government has ideas about the metaverse. They now see it as a tool that can help the country’s economy recover from the pandemic.

What is the goal of the development plan?

The two-year plan, released last Tuesday, focuses on promoting the development of metaverse-related industries and helping Beijing become a benchmark city for the digital economy. In other words, they want to be the best in this technology.

It’s admittedly a tall order, but if anyone can do it, it’s China. With the country’s huge population and growing economy, Beijing is uniquely positioned to lead the metaverse charge.

What does this mean for China?

China’s view of crypto, NFT and metaverse technology is slowly changing. They saw how these resources could benefit their citizens and started investing in them.

Beijing isn’t the only city to announce metaverse-related plans. Just a few months ago, Shanghai released a five-year plan that encouraged the use of Metaverse in business offices, public spaces and other areas.

Will other major cities in the country reveal similar plans? This is a real possibility at this point. After all, China wants to be a world leader in innovation and the metaverse is a big part of that.

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