Beijing Announces a Two-Year Plan for the Metaverse

The Beijing government just published 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 all have in common? Well, the citizens from these countries have positive opinions about the Metaverse, and all are somewhat investing in technology. That’s because these countries have understood this new technology’s potential and are already reaping its benefits. And according to a development plan released last Tuesday, China is joining these nations.

Beijing’s Two-Year Plan

The 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 merge the physical and digital worlds. Although still being developed, this technology has already begun transforming how we interact with the internet.

While some Chinese citizens are aware of these facts, many still aren’t. That’s why the Chinese government has come up with a plan to increase Metaverse awareness and to ensure that the country is at the forefront of this innovation.

The action plan depends on numerous districts in Beijing developing infrastructures that will promote the use of Metaverse technology. Furthermore, the plan would integrate 3D visualization and GIS technologies to build a “visual urban space digital platform.”

Beijing authorities are encouraging districts to offer HR and even financial support to their citizens in building the Metaverse. The government will also start to track NFT technology trends and explore regulatory sandbox programs to support innovation.

All of this might sound surprising to you if you’ve followed the news recently about China’s stance on crypto. Just last year, the People’s Bank of China banned all cryptocurrency transactions in the country. So, what’s changed?

Well, the government’s perception of the Metaverse has. They now see it as a tool that can help the country’s economy recover from the pandemic.

What’s the Aim of the Development Plan?

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

That’s admittedly a tall order, but if anyone can do it, it’s China. With the country’s vast population and ever-growing economy, Beijing is uniquely positioned to lead the Metaverse charge.

What Does This Mean for China?

China’s view on crypto, NFT, and Metaverse technologies is slowly changing. They’ve seen how these assets can benefit their citizens and have started to invest in them.

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

Will more major cities in the country release similar plans? That’s 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.