China Shuts Doors to Metaverse: Local Media Already Warned Residents

Briefly:

  • China continues to fight blockchain technologies
  • After the prohibition of mining and cryptocurrencies, they took
  • Residents are warned about the dangers of digital technologies

After a total ban on cryptocurrency trading and mining, the Chinese government has decided to tackle the metaverse. State media have said the scammers are using the term Metaverse in their scams to attract more people. Such statements bring the country even closer to new government restrictions.

China’s state media Xinhuanet warned about #Metaverses and #cloudmining scams. More and more scammers in China are using concepts like metaverse, blockchain and cloud mining to lure ppl in and take their money.

– 8BTCnews (@btcinchina) December 15, 2021

Some local tech giants (like Tencent, NetEase and Tiktok-ByteDance) have invested significant sums in the Metaverse market.

By the way, bans in China have not been able to completely destroy the crypto market. Foreign exchanges did shut down, but traders in response switched to Dex exchanges and DeFi applications. As for the miners, they just moved to more comfortable countries – the USA, Kazakhstan and Russia.

Why China took up arms against Metaverse

Metaverse is a whole new VR experience. It requires blockchain technology and tokens (NFT) to pay for purchased digital items. Since China as a whole does not want to lose state control over finances, it blocks all projects that are related to the blockchain. Will the Celestial Empire succeed in this – we will see later. But Bill Gates already predicts that in 2-3 years all business meetings will be held only in metaworlds.

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