China to establish regulatory standards for metaverse
Beijing is seeking a way to put regulatory burden on the yet-to-be-developed next internet iteration. China is set to form a working group to develop standards for the metaverse as the country sees a big future for the technology. According to a report by Reuters, China’s Ministry of Industry and Information Technology (MIIT) has released a draft proposal to establish a working group for the metaverse, putting the technology among emerging tech sectors vital for China. The MIIT claims the metaverse still “faces many challenges,” so the government should keep “healthy and orderly development of the metaverse industry through standardization and guidance.” Although the ministry admitted that the metaverse represents “an integrated innovation combining various cutting-edge technologies,” it also pointed out the concept of virtual reality still suffers from a lack of clear definitions, allowing capitalists and companies to speculate in th...