China’s Ministry of Industry and Information Technology (MIIT) is advancing its metaverse initiatives through the establishment of a collaborative group involving major tech players.
The group, featuring industry giants like Huawei, Lenovo, Tencent, NetEase, major universities, and others, aims to accelerate the development of the “Yuanverse,” contributing to the metaverse’s expansion in the region.
As outlined in an official statement on January 19, the group currently comprises 52 participants, with more expected to join by February 18, 2024. Together, they will focus on researching metaverse applications across various sectors, including industrial manufacturing and communications.
This initiative aligns with MIIT’s proactive approach, as seen in its three-year metaverse plan unveiled in September 2023, emphasizing metaverse innovation across industries with a focus on security and technological advancements.
Furthermore, MIIT reiterated its commitment to Web3 in December 2023, emphasizing user protection in the metaverse and non-fungible token (NFT) development.
While promoting these advancements, China is, in fact, also taking precautionary measures to tackle potential illicit activities that may arise from the use of these emerging technologies.
In August 2023, the country proposed integrating its social credit system with the metaverse to enhance safety, sparking debates on privacy and control in virtual realms. In a similar move in November 2023, China officially declared NFT theft a crime, addressing concerns over digital collectible fraud.