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China Issues Warning About Rising Metaverse Related Schemes

  • The admonition comes amid booming metaverse activity in China
  • China’s tech giants eye on opportunities in Metaverse
RF vr virtual reality headset goggles

Source: Getty Images


China Banking and Insurance Regulatory Commission issued a warning Friday against illegal fundraising schemes being tied to the metaverse.

The admonition comes amid booming Chinese activity in the digital sector that seeks to blend virtual reality, gaming and social media. Beijing appears to have already allowed metaverse projects despite the concept’s association with gaming and cryptocurrencies. China has essentially banned cryptocurrencies and blockchain games that have tokens.