Anti-Crypto China Forms Standard-Setting Body for Metaverse, Huawei and Tencent Join Team

China, that banned all uses of cryptocurrencies back in September 2021, is taking an interest in exploring the metaverse sector. The country has gathered a bunch of its native tech giants to form a body that would set the standards for use and exploration of metaverse in China. Huawei, Ant Group, Tencent, and Baidu are among the tech majors that have been included to be part of this newly formed organisation. A group of universities and institutions have also been made part of this project bringing the total member headcount to 60.

Moving forward, China is planning to conduct thorough research around the potential applications and possibilities of manufacturing and communicating using the metaverse. China is also looking to explore the concept of ‘digital humans', a report by China's Global Times said this week.

“The use of digital humans and virtual environments can boost productivity and reduce costs for businesses," the report quoted Liu Dingding, a tech industry analyst as saying.

Among other initiatives that the group will undertake, members plan to train people around metaverse and participate in the formulation of global industry standards to govern the technology.

Built on blockchain, the metaverse can be explained as a fully functional virtual universe that provides a digitally immersive environment for people to work, socialise, and play games in. Cryptocurrencies like Bitcoin, Ether, Solana amongst others are used to purchase virtual commodities in the metaverse.

In that respect, its rather interesting that China – that is strictly anti-crypto – is now turning its focus to experiment with the metaverse tech.

As per a Global Times' report, this shift in the country's focus comes after its Ministry of Industry and Information Technology (MIIT) unveiled an ambitious three-year action plan for the industrial innovation and development of the metaverse in September 2023.

China's metaverse industry is projected to boom to the valuation of CNY 180 billion ($25.29 billion or Rs. 2,08,049 crore) in the next two years by 2026. The country is also reportedly exploring digital IDs and real punishments for crimes committed in the metaverse.