Thousands of Chinese firms “rushed” into the metaverse regardless of the ongoing crackdown

Despite the People’s Bank of China (PBoC) proposal to oversee the metaverse and NFT, the country’s significant tech firms are nonetheless aggressively pursuing the discipline.

In early December, China extended its crackdown to the metaverse and NFT, which was a significant induce of the collapse of industry traction at the time, creating Bitcoin (BTC) to collapse just before it occurred. to $ 42,000.

Ahead of a summit in November, Gou Wenjun, director of the PBOC’s Center for Analysis and Anti-Money Laundering, when once more warned of the dangers of cryptocurrencies. According to Gou, cryptocurrencies can be applied for unlawful monetary pursuits. Chinese banking institutions have also commenced educating persons about the dangers of cryptocurrencies.

However, ignoring the PBOC’s warnings, a lot of Chinese firms hastily registered trademarks associated to the metaverse. According to the South China Morning Post, to date, extra than one,360 Chinese firms have filed eight,534 trademark applications associated to the metaverse.

Most of the firms applying are major Chinese tech firms, such as significant names like Huawei and Hisense. Huawei is registered with “Meta OS” although Hisense focuses on diverse regions this kind of as social solutions, marketing and science.

Giant Tencent also joined the campaign, recording almost a hundred trademark applications associated to the metaverse such as “QQ Metaverse”, “QQ Music Metaverse” and “Kings Metaverse”.

Tencent mentioned it is focusing on metaverse-like developments with a new state-of-the-art gaming studio https://t.co/0CpQbrzxd8

– South China Morning Post (@SCMPNews) October 20, 2021

The over improvement might not shock a lot of as demand for NFTs is on the rise, but it is well worth noting that the occasion is occurring in the context of a “messy” crackdown by the Chinese government and the PBoC. .

Therefore, if the wave of massive firms continues to be pushed to a head, China will want to consider extra certain measures to remedy the dilemma, consider more powerful action to quell the trend, or commence calming. cryptocurrency industry in common.

Remember, China has created comparable moves in the previous. For a comprehensive comprehending of the timing in the war in between China and Bitcoin, readers can understand by means of the video under:

However, in addition to the PBOC warning, the People’s Daily, the official newspaper of the Communist Party of China, also issued a warning about the metaverse on December 9, in purchase to even more emphasize to the persons of the nation the nature of the Communist Party of China when you invest in this area.

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