Chinese city to draft regulations for developing metaverse-based projects
On May 24, 2023, the Chinese city of Zhengzhou mentioned it will initiate a series of regulations for supporting metaverse companies that operating in the region, stated Cointelegraph. It is expected that apart from that the municipal government will also create a fund of 10 billion yuan ($1.42 billion) for supporting the development of the metaverse industry.
Sources revealed that the organisations that are involved with the metaverse-based use cases will receive about 5 million yuan ($710,000) per project in case it is approved by the municipal government, Cointelegraph added.
As reported by Cointelegraph, the exact date for the allocation of funds is not known yet. Also, the municipal government of Zhengzhou has mentioned its goal of developing Metaverse-based projects in the city.
Furthermore, this project will also include other governmental agencies to include extra 50 billion yuan in the funding, Cointelegraph concluded.
(With insights from Cointelegraph)
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