While the Government of China has always stated its aversion to the cryptocurrency market, it has also highlighted that it sees potential in blockchain technology.
Thus, even expelling BTC miners from its territory and issuing a general ban on cryptocurrency trading, the country has adopted blockchain technology in several products.
Yet, despite publicly condemning decentralized digital currencies, China highlighted that the emergence of blockchain was the innovation engine for the launch of its own digital currency, the Digital Yuan, also known as e-CNY.
Now, in a contradictory new policy, China has announced that it will allow NFT trading. But for that, the tokens need to be issued by an approved blockchain. NEO, for example, is part of the list.
In addition, another Chinese initiative that dialogues with the cryptocurrency ecosystem – without crypto assets being released in the country – was announced by Guizhou province.
China announces its metaverse
As informed by the province, a “new track” will be implemented in the Metaverse. With this, the region intends to expand and strengthen the computing power industry, promote the development of the VR/AR industry and consolidate the foundations for the development of the Metaverse.
However, the province’s announcement does not describe the actions that will be taken or whether there will be a metaverse of its own for Guizhou residents.
Instead, it highlights that Guizhou is attentive to the introduction and training of talent, providing intellectual support for the metaverse industry.
Finally, the province said it intends to establish a metaverse expert database and increase the introduction of industry leaders and top talent.
“Together with renowned experts and professors from the metaverse industry, both in China and abroad, a professional talent training committee has been established to comprehensively guide industry talent training at universities in Guizhou Province and guide qualified universities to bring the metaverse to life,” he said.