Wu Jiezhuang, member of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC): At present, there is a lack of mature supervision over the yuan universe, virtual world financial payment and NFT

It is reported that Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference and a member of the Legislative Council of the Hong Kong Special Administrative Region, submitted a Proposal on Promoting the Healthy Development of the Yuan Universe Industry in the 2023 National Two Sessions. Wu Jiezhuang said that at present, there are challenges in the development of the universe industry. On the one hand, the “double-edged sword effect” of advanced technology is prominent, and traditional information security and ideological protection are challenged. On the other hand, there is currently a lack of mature supervision over the operation mode of metauniverse capital, virtual world financial payment and NFT. At present, the United States has developed rapidly, and China is close to it in concept and has a large market. Japan, South Korea and other countries are also actively promoting the development of the yuan universe. To this end, Wu Jiezhuang suggested that China take the development of “digital currency” as a precedent, pay full attention to the development and governance of the metauniverse, actively promote the technological progress and infrastructure construction supporting the development of the metauniverse, and pay attention to the prospective governance of the metauniverse.

Interpretation of this information:

Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference and a member of the Legislative Council of the Hong Kong Special Administrative Region, submitted a proposal at the 2023 National Two Sessions instructing China to promote healthy development of the yuan universe industry. Wu Jiezhuang stated that present challenges faced by the yuan universe industry involve the double-edged sword effect of advanced technology, which poses a challenge to traditional information security and ideological protection. Furthermore, the current lack of mature supervision over the operation mode of metauniverse capital, virtual world financial payment, and NFT also presents a challenge. Wu Jiezhuang stressed that the United States has developed rapidly, and China is close to it in concept and has a large market, but Japan, South Korea, and other countries are also actively promoting the development of the yuan universe. Hence, China should take the development of “digital currency” as a precedent and fully concentrate on developing and governing the metauniverse. It is necessary to actively promote the technological advancement and infrastructure construction supporting metauniverse development and pay attention to the future governance of the metauniverse.

The three keywords are: yuan universe industry, metauniverse, and governance.