The Chinese government, which has warned citizens about the rapidly growing Metaverse technology after the bans on cryptocurrencies, has again issued a warning on this subject.
In a statement, the China Banking and Insurance Regulatory Commission warned investors of the risk of fraud in the Metaverse, blockchain games and Play to Earn areas.
Emphasizing the fact that the rate of use in fraud and illegal events has increased with the increase in the popularity of cryptocurrencies, the Banking and Insurance Regulatory Commission noted that the rate of use of Metaverse, which has been growing rapidly recently, has also increased in fraud events.
The Banking and Insurance Regulatory Commission issued a warning on its official website, stating that some companies have taken advantage of Metaverse’s development to engage in fraud, virtual real estate speculation and illegal fundraising.
The China Banking and Insurance Regulatory Commission warned the Chinese people, and used the following statements:
“The common point of these deceptive activities of companies is the use of metaverse technology.
We ask the Chinese people to be careful against these deceptive acts and raise their awareness on this issue. Also, if you find clues of suspected crimes, please actively report them to the relevant local authorities.”
Metaverse Continues to Grow in China!
Recently, the US investment bank Morgan Stanley published a report on this subject.
The US bank said that the metaverse market in China could reach 52 trillion yuan, or about 8 trillion dollars, and that the Chinese giants are rolling up their sleeves to get their share from this market.