Beijing is looking to impose regulations on the upcoming next generation of the internet.
China is planning to establish a task force to create standards for the metaverse, recognizing the potential of this technology for the country’s future.
As per a Reuters report, China’s Ministry of Industry and Information Technology (MIIT) has put forth a preliminary proposal to set up a working group for the metaverse, highlighting its importance among other emerging tech sectors in China.
The MIIT acknowledges that the metaverse is still encountering several challenges, and therefore, believes that the government should ensure the healthy and organized growth of the metaverse industry through standardization and guidance.
While the ministry recognizes the metaverse as an innovative combination of various cutting-edge technologies, it also notes that the concept of virtual reality lacks clear definitions, leading to speculation by investors and companies in the market.
China’s telecom giant, China Mobile, introduced a new system known as the “Digital Identity System” in August 2023, aiming to enable Chinese citizens to authenticate themselves in a virtual reality setting by providing different personal information. This system is also intended to monitor and enhance the behavior of Chinese citizens in the metaverse by maintaining various ranks and scores.
Moreover, JPMorgan analysts predict that Chinese tech stocks could see an increase in value once the metaverse becomes popular. According to their analysis, Chinese internet giants like Tencent, NetEase, and Bilibili stand to benefit the most from metaverse development. Other companies like China Mobile, Sony, and Agora could also profit if China embraces this technology.
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