China’s Shanghai has published rules for promoting and integrating technologies including blockchain, the metaverse, and digital currency.
Bitcoin (BTC) and other digital assets are prohibited in China; nevertheless, it acknowledges the advantages of blockchain technology. The nation is currently investigating the benefits of cutting-edge technologies.
The administration of Shanghai, the largest city in China and the core of the global financial system, has unveiled new regulations to speed up industry use of blockchain, the metaverse, and the digital yuan.
According to the study, participants in the automotive, commodity trading, and e-commerce markets will need to incorporate and investigate blockchain and metaverse use cases in their operations.
Shanghai’s industrial industry players will have to create blockchain-based programs for managing carbon emissions. According to Statista, China is currently the country with the most global carbon dioxide emissions.
Although there have been recent rumors that the Chinese government may be considering plans to allow cryptocurrency trading, the administration of President Xi Jinping has not yet made any public announcements.
Municipalities in China, meanwhile, are still investigating the idea of blockchain-based metaverses and have made significant financial investments in these quickly developing virtual environments.
The Beijing Municipal Science and Technology Commission and the Zhongguan Village Science and Technology Management Committee collaborated to launch the “Beijing Web 3.0 Innovation.
