Located in southwestern China, Sichuan Province was once one of the global cryptocurrency mining hubs. Following the hardening of the Chinese central government’s position on crypto mining, this province has taken a new course toward the future by turning to the metaverse.
Advancing the Metaverse Industry
Sichuan has set a rather audacious goal: to nurture the emerging metaverse industry to reach a colossal scale, with an estimated market value of 250 billion yuan by 2025, or about 34.4 billion dollars.
🇨🇳 China continues to develop the Metaverse! (original)
— Good Cat (@goodfoxteam) August 17, 2023
– The government plans to allocate $34,198,800,000 by 2025 (initial phase) to develop Metaverse in Sichuan Province.
Read2n is a metaverse? pic.twitter.com/4Jh41swQqy
The action plan unveiled by the provincial government of the region shows a rather interesting web of opportunities. The leaders of Sichuan indeed propose the construction of industrial parks linked to the metaverse and also undertake to support at least 15 leading companies in this sector.
The various projects mentioned by the government also place particular emphasis on optimizing blockchain infrastructure, preserving privacy, and evolving cross-chain control. They are visibly determined to establish a solid foundation for a responsible and successful metaverse.
At the heart of this vision, the improvement of digital governance stands out as one of the essential pillars. Sichuan recognizes the importance of regulating and protecting personal information, online security, and safeguarding data in the metaverse. The plan thus projects a future in which citizens can move with confidence in this burgeoning virtual space.
It is not simply an internal government project, but an initiative that is open to everyone’s ideas and reflections. Sichuan invites the public to participate by offering their comments until August 22.
China is increasingly interested in blockchain technology
Despite the ban on cryptocurrency transactions in September 2021, China clearly has no intention of dissociating itself from the promising digital future brought by the blockchain. The country persists in its commitment to building a thriving digital economy and erecting its own blockchain infrastructure.
This move is part of an ambitious prospect where Chinese technological behemoths, such as Alibaba and Tencent, are taking the reins of development with an emphasis on creating their own consortium blockchains.
During the month of May, Beijing took a significant initiative by publishing a whitepaper that lays the foundations for this promising future. The goal is to encourage innovation and foster the development of the Web3 industry. By aspiring to transform Beijing into a global innovation hub for the digital economy, the Chinese government projects itself into the role of a catalyst, creating a fertile environment for creative minds and digital pioneers.
This determination to evolve beyond previous restrictions underscores the country’s willingness to not simply adapt to change but to actively guide it.
As Chinese tech giants roll out their own consortium blockchains, they are laying the groundwork for extensive collaboration and cooperation, paving the way for an interconnected and robust digital ecosystem.