Chinese Metaverse incoming! Beijing unveils intentions for two-year Metaverse innovation and development plan
China has made its metaverse plans clear to the world by starting to accept e-CNY as a payment option on metro stations in nine major cities
By Shashank Bhardwaj
A customer makes a payment using China's digital currency, or e-CNY, at a shopping mall on August 3, 2022 in Hangzhou, Zhejiang Province of China; Photo by Long Wei/VCG via Getty Images
China is making a head first run into its metaverse plans as it has recently announced the acceptance of digital Yuan in the city of Ningbo from the Zhejiang province. e-CNY has become a digitally accepted currency in Ningbo as the administration has asked the citizens to link their digital wallets to the city's subway system. The subway system is the first to accept digital Yuan, as 125 metro stations across the city are now e-CNY enabled. Commuters need only scan the QR code at the stations through their digital wallets, and the fee will be automatically deducted from their accounts.
China’s digital development plan has already begun as nine major cities across the country have started accepting digital Yuan for subway transportation. The bus commuters in Ningbo have also been given the option to pay in CBDC digital currency across ten transit routes. Guangzhou has also been accepting digital Yuan for its tram rides, and many other cities are starting to integrate digital currencies into the normal lives of people.
Going ahead with the country's digital development, China has announced a two-year plan to integrate digital currency and NFT into the country's normal life. Beijing is calling it the 'Metaverse Innovation and Development Plan' aimed at integrating NFT and metaverse plans in the country between 2022 and 2024.
Initially, the government is focusing on introducing metaverse plans in the education and tourism sector to make the country a centre of the digital economy. China plans on introducing Metaverse theme parks and lifestyle centres which will be a big part of digital development. Shanghai has already made some major developments in the metaverse plans of the country as it introduces Web3 in the entertainment, public services, business and manufacturing sectors.
Earlier, China had banned crypto mining and imposed harsh monetary policies on NFTs. This move had driven away crypto miners to the US or Kazakhstan, while the companies owning NFT marketplaces, like Tencent, had shut down their operations. The current moves from the Chinese government aim at its intentions to create a digital economy through administrative measures only. Some people even took the classic monopoly of the Chinese government in the digital economy as an indication from the recent news.
Albeit, China's metaverse plans are a step ahead for the world's digital economy. People now expect a domino effect around the globe as other countries would like to join in on the digital development plans as well. China's e-CNY token is already gaining popularity and asset worth as citizens accept it into their daily lives.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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