A tweet from Chinese insider 8BTC reveals a report where the country’s state media is warning about the metaverse and cloud mining scams. The warning arose speculations of China banning the latest hyped Metaverse as it did crypto.
Metaverse Used by Scammers to Lure People
China’s state media explains that scammers have notoriously used metaverse and cloud mining to lure people. A few days ago, the People’s Daily in the country mentioned the ongoing property sales in the Metaverse. These sales resembled ”product financialization,” a feature that carried the risks of volatility, fraud, and money laundering.
There is no denying the attention Metaverse in China is getting. The concept of the Metaverse promises near lifelike interactions. People can meet, work, and play in virtual worlds. The Metaverse is viewed by many as the next iteration of the internet.
People engage in the sale and purchase of virtual items in the Metaverse. The payment mode is, of course, cryptocurrency, backed by non-fungible tokens or other digital assets. Despite its stand on crypto, major companies in China, such as TikTok parent company ByteDance, NetEase, and Tencent, have all invested in Metaverse.
Will China Ban the Metaverse as it Did crypto?
China’s crackdown on the use of cryptocurrencies, together with mining of the same, increased this year. The country’s Bitcoin mining share fell from over 60% to near zero in September.
With this new warning, the people cannot help but fear that the Chinese government may resort to extreme measures as it did crypto. Nonetheless, the fear of a ban does not mean the end of the Metaverse in China.
Like the crypto ban, Chinese residents have found ways of bypassing the law and continue to trade. The defi market and Dex platforms have come in handy with this ban. Similarly, China’s state media can expect the people to find still a way to access the Metaverse.
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