China Aims for Metaverse Growth, Sets $34.4 Billion Target

Known as a cryptocurrency mining center before the national ban on mining, Sichuan, a province in southwestern China, has shifted its focus towards the metaverse.

The provincial government envisions expanding this burgeoning industry into a market worth 250 billion yuan ($34.4 billion) by 2025.

The Sichuan provincial government unveiled a preliminary action plan spanning until 2025, outlining its ambitions.

The plan highlights intentions to establish multiple industrial parks dedicated to the metaverse and foster the growth of at least 15 prominent metaverse companies.

The local administration aims to refine blockchain infrastructure, reinforce privacy safeguards, and advance cross-chain control.

A central facet of this strategy involves enhancing digital governance and devising improved regulations concerning safeguarding personal data, ensuring internet security, and upholding data integrity within metaverse environments, as outlined in the preliminary plan.

The Sichuan administration has initiated a public consultation period for feedback on this action plan, accepting inputs from the public until August 22nd.

What is the Metaverse?

The metaverse is often used to describe a digital universe where people can interact with each other, just like in the real world.

There is no firm definition on this, however, as this concept typically varies between projects, however, with some intending their metaverses to be more immersive than others.

China's Blockchain Adoption

China's efforts on the blockchain space, especially in relation to its CBDC the digital yuan, have not gone unnoticed, with many news in the past few weeks reporting its adoption in the country.

Coinlive previously reported on how Chinese business travelers now can buy air tickets using the digital yuan.