Beijing government follows in Shanghai's footsteps and presents an economic recovery plan focused on Web3 and the metaverse.
On August 23, the local government body of Tongzhou District in Beijing released the “Beijing Sub-City Center Metaverse Innovation and Development Action Plan (2022-2024)”, which bets on Web3 and the metaverse as a driver for economic recovery.
The document seeks Promote the development of new technological industries related to the metaverse in the city, with the aim of positioning Beijing as a benchmark for metaverses and blockchain technology. The government of the Chinese district also intends for the city to become a benchmark for the digital economy worldwide.
The government agency notes that Innovation and growth of the metaverse sector will be actively encouraged, as well as a closer fusion between the digital and physical economies. In this way, it is intended to strengthen the general planning of local government and lay the foundation for the creation of a digital infrastructure for the metaverse industry.
At the same time, it is intended to develop a intellectual property protection system and encourage the creation of new standards and consensus for the industry at various levels.
This development plan follows in the footsteps of one presented by the city of Shanghai in July, in which it revealed an investment of 350.000 billion yuan (about 51.000 billion dollars) for develop the metaverse industry by the end of 2025.
China's government and the crypto industry
China is one of the countries tougher on the crypto industry. For a few months now, the use of cryptocurrencies has been banned, and severe sanctions have been imposed NFT regulationsThe Chinese government claims that these measures are being taken due to concerns regarding centralization and control of money.
However, China is pushing the use of blockchain technology and developments based on Web3 and metaversesIn fact, the country's government considers Web3, blockchain and the metaverse to be essential points for initiating the country's economic recovery.
Right now, the metaverse sector is driving a New hiring boom in China, at a time when the technology sector in general is suffering a series of layoffs and hiring freezes, affected by the global economic situation.
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