China has formed a working group, which includes representatives from Chinese tech giants such as Huawei, Ant Group, Tencent and Baidu, to develop standards for the metaverse.

The Ministry of Industry and Information Technology (MIIT) hopes that setting standards will help consolidate consensus and stimulate industrial development. There is currently no generally accepted definition of the metaverse, and intense speculation about the metaverse has hindered its development.

China is counting on the development of non-functional cryptocurrencies and decentralized applications, despite the ban on regular cryptocurrencies. Several local governments have also announced their intention to develop the metaverse industry in their regions.

Thus, Sichuan Province aims to reach a market size of 250 billion yuan by 2025, and Shandong Province plans to reach a market size of 150 billion yuan by 2025. #china #metaverse