China starts billions of funds to promote meta-verse technologies and to recruit crypto companies

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China will mit einem Milliarden-Fonds die Entwicklung von Metaverse-Technologien fördern und krypto-affine Unternehmen in das Land locken. Dies geht aus einem aktuellen Regierungsbericht der Stadt Zhengzhou hervor. Zhengzhou, die Hauptstadt der Provinz Henan, plant die Einrichtung eines 10-Milliarden-Yuan-Fonds (1,4 Milliarden US-Dollar) für die Metaverse-Branche. Zusätzlich sollen weitere 50 Milliarden Yuan (7,08 Milliarden US-Dollar) in Aussicht gestellt werden. Gemäß den Richtlinien des Fonds werden Metaverse-Unternehmen, die ihren Hauptsitz nach Zhengzhou verlegen, mit bis zu 200 Millionen Yuan (28,34 Millionen US-Dollar) an Startkapital unterstützt. Der Fokus liegt dabei auf Unternehmen, die sich auf die Erforschung von Metaverse-Technologien konzentrieren und diese in verschiedenen …
With a billion-dollar fund, China wants to promote the development of meta-verse technologies and attract crypto-affine companies into the country. This emerges from a current government report by the city of Zhengzhou. Zhengzhou, the capital of the province of Henan, plans to set up a 10 billion Yuan fund ($ 1.4 billion) for the Metaverse industry. In addition, another 50 billion Yuan ($ 7.08 billion) are to be promised. In accordance with the guidelines of the fund, Metaverse companies that move their headquarters to Zhenghou are supported with up to 200 million Yuan ($ 28.34 million). The focus is on companies that concentrate on research into meta-verse technologies and in different ... (Symbolbild/KNAT)
With a billion-dollar funds,

china wants to promote the development of meta-verse technologies and lure crypto-affine companies into the country. This emerges from a current government report by the city of Zhengzhou. Zhengzhou, the capital of the province of Henan, plans to set up a 10 billion Yuan fund ($ 1.4 billion) for the Metaverse industry. In addition, another 50 billion yuan ($ 7.08 billion) are to be promised.

In accordance with the guidelines of the fund, Metaverse companies that move their headquarters to Zhenghou are supported with up to 200 million Yuan ($ 28.34 million). The focus is on companies that concentrate on research into meta-verse technologies and want to implement them in various industrial branches.

The strategic plans of Zhengzhou indicate great potential in the meta-verse industry. The city expects an annual turnover of over 200 billion Yuan ($ 28.34 billion). A precise start date for the award has not yet been announced.

This development stands in the context of an increasing approach of China's crypto economy. The nearby Hong Kong economic zone has announced the introduction of crypto trade for June 1st. This shows a significant opening towards crypto-savvy companies and technologies.

The promotion of meta-verse technologies and the settlement of corresponding companies in Zhengzhou could strengthen China's position in the global meta-verse industry. Metaverse technologies offer virtual worlds and environments in which users can interact and do business. You can already apply in various areas such as gaming, digital art and real estate.

The funds and the support for meta-verse companies are intended to help develop innovative technologies and to increase the competitiveness of the Chinese Metaver sector. It remains to be seen how these measures will affect the global meta-verse industry and what specific effects they will have on the market.