Shanghai Sets Up $1.5 Billion Metaverse Development Fund

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2022-07-14 18:46:44

The Shanghai government plans to set up a Metaverse development fund with assets worth up to 10 billion yuan, about $1.5 billion.

Shanghai laid the groundwork for the Metaverse soon

Shanghai laid the groundwork for the Metaverse soon

In a press conference held on July 8, Wu Jincheng, head of the Shanghai Economic and Information Technology Commission (EITC), said:

The amount of 1.5 billion USD will be used to realize the ambition of building 10 leading companies and 100 small-scale companies specializing in product and service evaluation.

Shanghai will be home to 10 of the most important Metaverse businesses in the world, with more than 50 linked applications in the fields of commerce, education, smart manufacturing, culture and culture cooperation room.

Wu also shared that investing in the Metaverse virtual universe will accelerate the transformation and upgrading of many industries in the real economy. It is predicted that by 2025, the market value in these sectors could reach USD 224 billion.

Part of this plan is to develop two companies that manufacture terminals such as virtual reality headsets, robots, home gadgets and smart vehicles to care for the elderly’s health, upgrade transportation systems transportation.

China’s largest city, Shanghai, is intending to “cultivate” 10 industry leaders and 1,000 specialized enterprises in low-carbon industrial fields to develop hydrogen energy, high-end energy equipment. and low carbon metallurgy.

In January 2022, the Shanghai Municipal Information Technology and Economic Commission first mentioned Metaverse as one of the four “borders to explore” in its five-year plan for the development of the information technology industry. The committee also encourages the application of Metaverse in areas such as public services, business offices, social entertainment, industrial production, and video games.

In May this year, in the context of cryptocurrency in Shanghai – China officially “turning the page”, the High People’s Court here officially recognized Bitcoin (BTC) as having economic value and legalized. protected by local law.

China still says no to cryptocurrencies

By the end of 2021, despite all the efforts of the Chinese government to suppress Metaverse and NFT, regional giants such as Alibaba and Tencent were still flocking to projects along with thousands of other businesses.

Earlier this year, the China Banking and Insurance Regulatory Commission issued a warning about illegal fundraising schemes related to Metaverse. Besides, the recent decline in the value of cryptocurrencies has prompted the State-owned Economic Daily newspaper to advise citizens of this country to stop using and threaten investors about the risk of Bitcoin “returning to the stone age”. .

In May 2022, Bitcoin mining activity in China increased again despite the suppression order from the government and became the second largest Bitcoin mining center after the US.

Another country in the region, South Korea, has also recently made positive moves about the Metaverse. Specifically, the land of kimchi has committed to funding 177.1 million USD of the budget to develop Metaverse and make it one of the main pillars for the following years. However, there are still legal hurdles, Korea will have to remove the comprehensive regulations related to NFT, which the Financial Services Commission (FSC) previously said is not an asset. virtual and will not be managed.

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