In its upcoming five-year plan, Shanghai, the largest city in China, formally plans to accelerate the development of technologies like blockchain, Non-Fungible Tokens (NFTs), the Metaverse, and Web 3.
A draft of Shanghai’s Municipal Government’s “14th Five-Year Plan for the Development of Shanghai’s Digital Economy” was released on July 13th. ” The document sets its mission of “promoting the deep integration of digital technology and the real economy,” with “scientists judging technology prospects” and “entrepreneurs discovering market demand.”
The strategy paper also calls for a close connection between digital technology and the real economy. Finally, it outlines Chinese Premier Xi Jinping’s ideas on socialism with Chinese characteristics as the driving concept.
List of Crypto-related things Shanghai will do:
- Shanghai will accelerate the development of immersive technologies like extended reality (XR) and brain-computer interface, which can improve metaverse entertainment like virtual idols, sports, and concerts.
- Shanghai plans to assist businesses that investigate NFT markets and those that investigate and test digital asset ownership, digital intellectual property (IP) trade, and digital asset digitization.
- Blockchain technology cross-industry applications like data trading and gambling will be encouraged in Shanghai.
- Shanghai also said it would hasten the introduction of next-generation technologies such as the decentralized Domain Name System (DNS), distributed data storage, and cross-platform digital identification.
- Shanghai announced a 10 billion yuan (US$1.5 billion) cash promise in June, with the goal of growing its metaverse-related sectors to US$52 billion by 2025.
- According to local media outlet 01 Caijing, local governments all around the nation have suggested a total of 45 policy papers to aid businesses connected to the metaverse.
On the non-crypto-related side, the five-year plan also addresses smart cities, low-carbon energy, digital health, intelligent service robots, and other topics.
