The need for governance of the metauniverse industry in China

03/12/2023 17:57 • AI & Tech Insights • 88 views

It is reported that Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference and a member of the Legislative Council of the Hong Kong Special Administrative Region, submitted a Proposal on Promoting the Healthy Development of the Yuan Universe Industry in the 2023 National Two Sessions. Wu Jiezhuang said that at present, there are challenges in the development of the universe industry. On the one hand, the “double-edged sword effect” of advanced technology is prominent, and traditional information security and ideological protection are challenged. On the other hand, there is currently a lack of mature supervision over the operation mode of metauniverse capital, virtual world financial payment and NFT. At present, the United States has developed rapidly, and China is close to it in concept and has a large market. Japan, South Korea and other countries are also actively promoting the development of the yuan universe. To this end, Wu Jiezhuang suggested that China take the development of “digital currency” as a precedent, pay full attention to the development and governance of the metauniverse, actively promote the technological progress and infrastructure construction supporting the development of the metauniverse, and pay attention to the prospective governance of the metauniverse.

Wu Jiezhuang, member of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC): At present, there is a lack of mature supervision over the yuan universe, virtual world financial payment and NFT

Analysis based on this information:

The growth of the digital world has led to the development of the metauniverse industry, which has garnered international attention. Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference and a member of the Legislative Council of the Hong Kong Special Administrative Region, has submitted a proposal to promote the healthy development of the yuan universe industry during the 2023 National Two Sessions. In his proposal, Wu Jiezhuang emphasizes the challenges faced in the development of the industry and the need for governance.

One of the challenges brought up by Wu Jiezhuang is the “double-edged sword effect” of advanced technology, where traditional information security and ideological protection face challenges. This highlights the need for careful consideration of how technology and innovation can affect societal values and ethics. Additionally, the industry lacks mature supervision over the operation mode of metauniverse capital, virtual world financial payment and NFT, which highlights the need for regulatory action to ensure the industry operates within a legal framework.

China has a significant market for the yuan universe industry, and other countries are also vying for a share of the industry’s growth, particularly the United States, Japan, and South Korea. Wu Jiezhuang urges China to take a page from its development of digital currency and pay full attention to the development and governance of the metauniverse. This would involve promoting technological progress and infrastructure construction that supports the development of the industry, as well as paying attention to prospective governance of the metauniverse.

The call for governance of the yuan universe industry in China is a response to the growing importance and complexity of the industry. As the industry continues to develop, regulation and governance will become increasingly important to ensure that technology innovation does not harm social values or impinge on individual rights. The proposal by Wu Jiezhuang is a step in the right direction to promote responsible and sustainable development of the yuan universe.

In conclusion, the yuan universe industry presents both opportunities and challenges. The Chinese government is aware of this and is taking steps to make sure that the industry’s development promotes social good while also considering individual rights and values. The implementation of effective governance will be the key to the sustainable growth and success of the industry.

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