In a speech at the 2022 World Artificial Intelligence Conference in Shanghai on Thursday, Zhang stated that Web 3.0 with a blockchain-based payment system will form the metaverse’s infrastructure and that China must dedicate its metaverse infrastructure to avoid “becoming the largest data producer while other countries master the core technologies and standards.”
His remarks contrast with China’s prohibition on using privately issued cryptocurrencies in the country. Zhang proposed that the Chinese central bank issue a crypto RMB for a metaverse payment system to “tighten the government-market alliance.”
According to Zhang Ping, the central bank might permit commercial banks to operate the stablecoin, beginning with a small trial project and gradually spreading to the entire country. He said that the metaverse involves national security issues such as sovereignty and ideology.
Zhang feels that Web 3.0, built on pure software-based protocols, has problems in regulation and control and that “in my opinion, the current Web 3.0 may not be acceptable for the existing system in China.”
Beijing is causing a stir about the metaverse, which was first discussed at the 2022 “Two Sessions” – the annual meeting of China’s major political bodies. The latest book by the Director of the China Securities Regulatory Commission delves into Web 3.0.
In a May article, the Chinese National Security Ministry-backed think tank said the metaverse could threaten national security.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…
Willemstad, Curaçao, 4th November 2024, Chainwire
London, UK, 4th November 2024, Chainwire
November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…
OpenSea new version is scheduled to launch in December, with an improved user experience, improved…
Analysts at Bernstein predict Bitcoin price in 2025 could reach $200,000, driven by factors like…
This website uses cookies.