Introduction

Shanghai, China, has issued guidelines for integrating and promoting innovative technologies such as blockchain, the metaverse, and the digital yuan.

The Chinese government has banned Bitcoin (BTC) and other digital assets. However, it is aware of the potential of blockchain technology. Currently, the country is exploring the benefits of innovative technologies.

The government of Shanghai, China’s largest city and a global financial hub, has issued new guidelines to accelerate adoption of the blockchain, metaverse, and adoption of the digital yuan across industries in the municipality.

As mentioned in the document, market participants in automotive, commodity trading, and e-commerce systems will be required to integrate and explore blockchain and metaverse use cases in their operations.

Reducing Harmful Gas Emissions

Shanghai manufacturing sector players will be required to develop blockchain-based solutions to manage carbon emissions. China is currently the world’s largest emitter of carbon dioxide, according to Statista.

While recent reports indicate that the Chinese government may be taking care of plans to unban cryptocurrency trading in the country, the administration led by President Xi Jinping has yet to make official statements.

However, Chinese municipalities continue to explore the concept of blockchain-based metaverses and have invested millions of dollars in these rapidly evolving virtual worlds.

As reported by News Agencies last May, the Beijing Municipal Science and Technology Commission and the Zhongguan Village Science and Technology Management Commission teamed up to put forward the city’s blockchain development plan dubbed the “Beijing Web 3.0 Innovation Development White Paper (2023).”