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Chinese city launches gov’t-backed metaverse platform

Nanjing, the capital city of China’s eastern Jiangsu province, inaugurated the China Metaverse Technology and Application Innovation Platform to advance metaverse research and development across the country.

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Nanjing, the capital city of China’s eastern Jiangsu province, inaugurated the China Metaverse Technology and Application Innovation Platform to advance metaverse research and development across the country.

The newly established state-backed entity is led by the Nanjing University of Information Science and Technology. As per an announcement on NUIST’s official social media account, the platform consists of founding members representing diverse academic institutions and metaverse-related companies throughout mainland China.

The platform aims to bring together the resources of academic institutions and enterprises in China, strengthening research endeavors in metaverse-related fields. The metaverse refers to a virtual universe or collective virtual space encompassing all virtual worlds, augmented reality and virtual reality experiences. It is an interconnected digital realm where users can interact with each other and with computer-generated environments in real time.

Nanjing and other Chinese cities are competing to take a prominent position in the country’s metaverse development. In February 2023, the city revealed its metaverse strategy, aiming to create a thriving industry with annual revenues surpassing 135 billion yuan by the close of 2025.

The city of Shanghai is actively pursuing its metaverse aspirations, predicting its metaverse industry will reach annual revenue of 350 billion yuan by 2025. Shanghai recently presented its initial collection of 20 metaverse use cases, covering diverse areas such as virtual healthcare diagnoses and digital recreations of the city’s historic architectural landmarks.

Although China maintains strict regulations on cryptocurrencies and nonfungible tokensNFTs, it acknowledges the transformative power of Web3 technologies, including the metaverse, in driving its digital economy.

In a recent report from local media, Wu Zhong-ze, the former Deputy Minister of the Ministry of Science and Technology, highlighted the importance of expanding the use of the metaverse in various sectors, including education, commerce, healthcare and entertainment. He also emphasized the necessity of establishing industry standards for the metaverse.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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