A string of recent announcements have put China’s metaverse ambitions in the spotlight. But what does it all mean for the country’s crypto policy?
Since 2021, China has taken a hard line on crypto trading. And unlike startups elsewhere, the country’s nascent metaverse sector has had to work around a strict ban on dealing with cryptocurrencies.
Now, state support for the industry is raising questions over the sustainability of the government’s current stance.
One city vying to take the crown as China’s preeminent Metaverse hub is Zhengzhou in Henan province.
There, the municipal government recently announced an ambitious plan to build the emerging metaverse sector into a 200 billion yuan per year industry by 2025.
To promote growth in the space, the City has set up a 10 billion yuan investment fund. Other incentives for metaverse companies in the area include rent subsidies and grants.
Alongside the funding policies…
