Sichuan, a southwestern province in China, once renowned as a thriving crypto mining center prior to the national mining ban, is now shifting its focus towards expanding the metaverse industry.
Sichuan’s provincial government has revealed an ambitious draft action plan with the goal of nurturing the emerging metaverse industry into a substantial market valued at 250 billion yuan ($34.4 billion) by 2025.
This blueprint, disclosed recently, outlines a comprehensive strategy to develop the metaverse landscape.
A central aspect of this plan involves establishing specialized industrial parks dedicated to metaverse-related ventures.
Furthermore, the government aims to support the growth of at least 15 leading metaverse companies, backed by strategic efforts to enhance the region’s blockchain infrastructure.
As part of their meticulous approach, Sichuan’s authorities are making significant efforts to strengthen privacy safeguards and create cross-chain control mechanisms.
Focus on Metaverse Regulations in the Chinese Province
The government’s focus, as stated, will be on regulating aspects related to personal data protection, internet security, and data integrity within the metaverse realm.
To ensure a comprehensive approach, the provincial government is actively seeking public feedback on the draft action plan, with the consultation period running until August 22nd.
China’s broader ambitions in the blockchain and digital innovation sphere continue to expand, even after the prohibition of cryptocurrency transactions in September 2021.
The country remains committed to becoming a global leader in blockchain technology and the digital economy.
Prominent Chinese tech giants like Alibaba and Tencent are actively driving the development of consortium blockchains, signifying a strong commitment to technological advancement.
Beijing’s White Paper on Web 3.0 Sector Growth
In line with these goals, the Chinese central government issued a comprehensive white paper earlier this year, aimed at fostering growth and innovation in the Web 3.0 sector.
With the aim of positioning Beijing as a key hub for global digital economic innovation, the government’s concerted efforts reflect its determination to lead in the blockchain sector.
In 2019, Chinese President Xi Jinping urged the country to “seize the opportunity” presented by blockchain, emphasizing its significance as an “important breakthrough in independent innovation of core technologies.”
