A Contradictory Step Comes From This Decision From China Banning Bitcoin and Cryptocurrencies!

Beijing, the capital of China, which bans cryptocurrencies, “Metaverse” technologies and NFTs published a new plan to develop

The local municipal government announced the two-year “Beijing Urban Center Metaverse Innovation and Development Action Plan” in a statement.

With Cryptocurrencies Banned in the Country, Beijing Aims to Become a Center in the Metaverse and NFT Space

The plan announced by city managers seems largely about the current development of Beijing’s International Center for Science and Technology Innovation and building a global digital economy zone in the center of the city.

The plan highlights the potential for Metaverse development in the city’s innovation hub as a resource for tourism and cultural interaction. The plan also includes a Metaverse theme park and “smart hotels”.

In the statement, no real grant or appropriation budget was given for the developments.

However, as is known, the term Metaverse is interpreted very differently by different people, and Beijing’s plan seems to focus only on the virtual reality side of the term.

China in early 2021 bitcoin and cryptocurrency It banned mining, but has since remained closely involved with blockchain technological development and digital economies.

While banning cryptocurrencies and cryptocurrency mining, the country cited the intense energy consumption and environmental impacts caused by them.

China’s digital yuan is believed to be the largest central bank digital currency currently in operation, although there is no public record system and thus volumes are uncertain. The project is still in beta testing phase.

*Not investment advice.