JAKARTA - China's banking and insurance regulator issued a warning on Friday, February 18, urging the public not to use the metaverse as a tool for illegal fundraising. This call comes amid widespread speculation in China's private sector to enter the world of the metaverse.
China's Banking and Insurance Regulatory Commission said in a statement published on its website that some companies advertise themselves to engage in illegal fundraising, fraud and virtual real estate speculation.
"Beware of being scammed, and if you find any clues about an alleged illegal crime, please actively report this to the relevant local department," the statement said.
The Chinese government itself has not yet taken a firm stance on the metaverse. They seem to be waiting for the next development of this technology.
This has indeed become a habit for the government of the communist country to see the development of digital technology. If it is deemed detrimental to the interests of the state or society, the Chinese government will not hesitate to issue a ban on an innovation or new technology.
One example is cryptocurrencies and everything related to blockchain. The Chinese government since May 2021 has officially banned cryptocurrencies in the country.
The fate of the metaverse, it could be worth three dollars if in its development it is used to seek profit in ways that are not in accordance with the law there.
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