China: The metaverse at the heart of the debates in the government which is considering its regulation

Twice, during important political meetings in China, the metaverse found itself at the heart of the debates. The Chinese delegates, all aware of the impact of this sector in the future, wished to put in place its regulations during their discussions. They believe that action must be taken urgently to prevent this sector from jeopardizing data security and encouraging speculation.

The rise of the metaverse is linked to a set of problems

The metaverse is gaining momentum in China and raises questions. It was integrated into government plans at the beginning of the year; now, the Chinese authorities note that its development is not without consequence. The government is well aware of the challenges of this sector in the field of data security.

After careful scrutiny of the sector, the government has seen the importance of governing data security and ensuring information is protected in this burgeoning industry. In addition, significant speculations are observed in the middle of the metaverse. There are a lot of frauds and illegal fundraising schemes related to this sector in China. More and more crooks are launching bogus metaverse projects to extract large sums of money.

The Chinese authorities decide to take measures to put an end to these situations. To this effect, MP Kong Falong suggests the establishment of a national research institution in the metaverse. Measures will also be taken against sponsors of illegal projects in the sector.

Steps taken to develop the metaverse

While considering the regulation of the metaverse sector, the Chinese government intends to contribute to the development of this sector. MP Kong told the local press that we must support the technological development of the metaverse sector to position China as a leader in this field . One of the measures taken to this end, according to the People's Daily , is the launch of a fund of 158 million dollars to further develop this industry.

The government of Tongzhou in Beijing, not wanting to remain on the sidelines of the development of the metaverse, has also taken measures. Indeed, he intends to subsidize the rental costs of all the premises that will be set up in his district to work on the metaverse.

The Chinese government quickly understood that the metaverse is less and less compatible with respect for privacy. He also noticed that with the development of this sector, more and more speculations are observed. He therefore decided to take measures to curb these situations before they escalate, by regulating the metaverse. At the same time, it intends to participate in the development of this sector through concrete actions.

Source: Forkast