The local administration of Wuhan City in China has excluded non-fungible tokens from its metaverse plan, citing a lack of proper regulatory framework. The government anticipates fostering more than 200 metaverse firms to build at least two metaverse industrial estate projects before 2025.
Wuhan Omits NFTs From Its Metaverse Plan
The Wuhan city government has released the final draft of industrial plans for the metaverse economy development. Unfortunately, the local administration has excluded NFT in the Metaverse plan citing regulatory uncertainty surrounding digital assets in the country.
According to the revised roadmap, the Wuhan city government plan to start businesses related to decentralized tech and metaverse without mentioning anything about non-fungible tokens.
The Chinese government announced the total trade ban on digital assets and related assets to cryptocurrency in 2021, which left many crypto exchanges shifting their operations to more crypto-friendly states.
Chinese Cities Embrace Web3 Despite Regulatory Uncertainty
Despite the regulatory uncertainty in the country and the national government’s hostility against crypto-related trading, several local administrations have been steadily developing their metaverse plans.
Last month, the Hong Kong government hosted its annual fintech event to collect opinions on how retail investors may be granted seamless access to virtual assets. The summit brought together more than 300 speakers, 400 exhibitors, and over 20,000 physical attendees.
The Hong Kong government and regulators jointly anticipated establishing a proper regulatory framework for digital assets, exploring the technological benefits of digital virtual assets and their further applications in the financial markets, and raising Hong Kong’s financial status to an international standard.
The Nanjing University in China recently launched a department offering study of metaverse-related knowledge. Moreover, Shanghai embraced several metaverse developments to boost its ruined economy after the Covid-19 pandemic.
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