Shanghai Incorporates Metaverse for Various Economic Developments

Shanghai Incorporates Metaverse for Various Economic Developments
  • Shanghai puts forth plans of adopting Metaverse.
  • Metaverse technology to be used for economic developments through all sorts of industries and sectors.
  • China focuses on adopting new technologies over crypto.

It’s a well known fact that China is one of the prominent leaders in adopting the latest technology of all sorts adversely. Though, there may be differences when it comes to adoption of cryptocurrency, China actually adopts to all other attributes such as the blockchain technology and much more. 

Accordingly, the latest attribute from the stables of the blockchain sector, the Metaverse technology is what China eyes on now. In spite of this, the most populous city of China, Shanghai puts forth it’s five year development plans, upon which it describes the adoption of Metaverse technology for various uses. 

Shanghai’s Metaverse Plans

In spite of the city’s further developments, the Municipal Commission of Economy and Information Technology of Shanghai, puts forth it’s five year plans. Upon the development plan in terms of information technology, it has listed out four different sectors ought to be explored and used. Out of these four, one is the Metaverse technology.

Accordingly, Shanghai plans on using Metaverse for almost all sectors and adopting it proficiently. These include,  business offices, social leisure, public services, industrial manufacturing, production safety, public transports and also digital games. 

In such terms, Shanghai now insists people and students to show interests and develop the study of the new technologies, the blockchain and much more. 

China’s True Intentions

Even though China remains to be the biggest enemy for the crypto industry, it still encourages all other attributes and technologies derived from it, notably from the blockchain sector. Besides, it’s known that China has its own Central Bank Digital Currency (CBDC), the digital Yuan. Apart from this, it also gives out biometric based hard-wallets for storing the CBDC too.

Moreover, upon China’s five year development plans which it puts out every five years, it has mentioned the use of the word ‘Blockchain’. The particular word was found in China’s five year plans documents for the year 2021 to 2025.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.