China’s Sichuan province aims to grow metaverse industry to $34.4 billion by 2025

August 21, 2023

By Sharan Kaur Phillora

Sichuan, a southwestern province of China historically known as a prime crypto mining hub, is setting its sights on the burgeoning metaverse industry. Following the nationwide mining ban, the province is now determined to steer its energies towards metaverse development with a target to propel the industry’s worth to a remarkable 250 billion yuan ($34.4 billion) by 2025.

Here’s what we know:

According to a draft action plan released on last Wednesday, the Sichuan government has ambitious designs. A major facet of the plan involves the creation of specialized industrial parks that would cater solely to metaverse-centric ventures. 

Furthermore, the region aspires to foster at least 15 top-tier metaverse enterprises.

A keen emphasis will be placed on enhancing the blockchain infrastructure, championing privacy preservation, and pioneering cross-chain control techniques. Significantly, the province is directing considerable attention towards establishing robust digital governance, particularly concerning personal data security, internet protection, and data integrity in metaverse environments.

This strategic move comes despite China’s sweeping ban on all cryptocurrency transactions in September 2021. Nevertheless, the country remains bullish on blockchain technology and its broader digital economy. 

Major Chinese tech conglomerates like Alibaba and Tencent are taking the lead, investing heavily in consortium blockchains. Their endeavors highlight China’s unwavering commitment to digital technological progression.

In a parallel development, Beijing unveiled a white paper earlier this year, emphasizing the innovation and evolution of the Web 3.0 industry. This initiative aims to entrench Beijing as a global epicenter for digital economic innovation, reinforcing China’s mission to spearhead the blockchain domain.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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