Shanghai includes the Metaverse in its 5-year development plan
For the first time, the Shanghai Municipal Commission of Economy and Information Technology's five-year development plan calls for the research, development, and implementation of Metaverse technologies in most areas of human activity.
According to CNBC, the Commission will encourage the development and adoption of underlying technologies, such as sensors, real-time interaction methods, and new uses of blockchain. The plan also calls for the introduction of advanced technologies in public services, industrial production, business offices, social leisure, and computer games.
Recall that China's interest in new digital technologies dates back to 2014 when The Central Bank of the People's Republic of China launched a secret program to develop its own central bank digital currency (CBDC). However, the world found out about China's support for this technology only in 2019, when Chinese President Xi Jinping voiced his support for the development of blockchain technology. However, this does not prevent the Chinese regulator from pursuing a coherent policy of restricting the circulation of other people's decentralized cryptocurrencies and crypto-projects.