China Pushes Metaverse Standardization Group to Establish the Rules of the Yuanverse

Blockchain MARKET_WATCH

The government of China has announced the creation of a metaverse standardization working group to establish different rules to govern the Chinese Yuanverse platform. The standardization group will be integrated by Chinese universities, government institutions, and companies like Tencent, Huawei, Baidu, Netease, and Sense Time.

China Announces Metaverse Standardization Group

The Chinese government aims to create standards for metaverse platforms. In a circular released on January 19, the Ministry of Industry and Information Technology of China (MIIT) communicated the formation of the Metaverse Standardization Working Group, which will aim to establish rules for the organization of metaverse platforms and the development of the Yuanverse, a national metaverse platform.

The standardization group will be integrated by several entities including Chinese universities, and companies like Huawei, Tencent, Baidu, Netease, and Sense Time. The proposal, which is based “on the needs of industrial development and industry management,” will receive feedback for the publicity plan of the group by February 18.

MIIT’s standardization proposal comes on the heels of the announcement of a new Web3 strategy for the country, that gives faith in the continued development of the blockchain and metaverse field as topics of exploration, studying the possible use cases of these techs.

While according to experts, the metaverse hype has subsided in favor of artificial intelligence (AI), another nascent technology, China seems focused on becoming a leader in this area. In September, four ministries and the MIIT issued a three-year plan to boost the development and growth of metaverse initiatives in the country.

The plan expects breakthroughs to be reached by 2025 in different applications, including metaverse technology, industry, and use cases.

Experts expect this investment to boost the development of the metaverse industry in China, as reports predict that these movements will position the nation as a global metaverse hub, outpacing the developments in the West.

Source : Bitcoin News by Sergio Goschenko / Jan 23, 2024

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