It’s fascinating to observe that Sichuan, a province in southwestern China, once dubbed the crypto mining hotspot until the reinforced national ban, is now transitioning towards the booming metaverse industry. Recent announcements by the Sichuan government unveiled an ambitious plan for cultivating the nascent metaverse industry into an impressive 250 billion yuan ($34.4 billion) market by 2025.
A key element of the blueprint includes the creation of numerous specialized industrial parks aimed at nurturing metaverse-related ventures. Furthermore, it indicates that the government will channel efforts into fostering at least 15 premier metaverse firms, underpinned by an overarching strategy aimed at polishing the region’s blockchain infrastructure.
In this intricate web of initiatives, a significant chunk is devoted to strengthening privacy safeguards and designing cross-chain control mechanisms, illuminating the government’s acknowledgment of several fundamental concerns in the metaverse realm. Personal data protection, internet security, and data integrity would all require stringent regulations for the metaverse to flourish responsibly.
Seeking a thorough plan to regulate the metaverse? Sichuan’s government proposes a novel approach, actively encouraging public feedback on its draft action plan to ensure collective decision-making and wider acceptance.
No matter the restrictions imposed on cryptocurrency transactions since September 2021, the country’s aspirations in the spheres of blockchain and digital innovation remain undeterred. Its steadfast pursuit manifests in its goal to cement China as the global torchbearer for the blockchain technology and digital economy.
Undeniably, the efforts of tech giants such as Alibaba and Tencent in forging consortium blockchains, signals robust commitment to technological growth. This, coupled with the Beijing government’s white paper released earlier focusing on the flourishing Web 3.0 sector, distinctly outlines China’s aggressive plan of positioning itself at the nucleus of global digital economic innovation.
To conclude, it seems the call for action given by the Chinese President Xi Jinping in 2019 to “seize the opportunity” offered by blockchain technology is slowly but surely materialising. However, the magnitude and the consequences of such acceleration remain to be seen. Is China’s quest for blockchain sector domination a visionary revolution or an opportunistic move? Only time will tell.