China’s Ministry of Industry and Information Technology (MIIT) announced on Monday that it will establish a working group to establish standards in the metaverse field, as the Chinese government aims to become a global standard setter for new technologies.

The ministry on Monday released a draft proposal to establish a working group on the Metaverse, a shared virtual world accessible via the internet. The proposal identifies the metaverse as one of nine emerging technology areas in which China should strive to establish standards.

The Metaverse has been one of the hottest technology trends since 2021, but despite the hype, there is still no consensus on what constitutes a Metaverse, and MIIT has highlights this issue.

“[The metaverse industry] “The metaverse industry is facing many challenges,” MIIT said, “and there is an urgent need to promote the healthy and orderly development of the metaverse industry through standardization and guidance.”

He added that the lack of a clear definition in the Metaverse industry has led some capitalists and companies to fuel speculation in the market.

MIIT also described Metaverse as an “integrated innovation that combines various cutting-edge technologies.” He said the Metaverse will foster many innovative business models, new business opportunities and the growth of the digital economy.
Source: Reuters (Reporting by Josh Yeh in Hong Kong and Beijing newsrooms; Editing by Louise Heavens and Emelia Sithole-Matarise)