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China Crypto Roundup (Jan. 17-Jan. 23) :Hangzhou to Advance Layout of “Metaverse”

1. January 15, Guizhou High Court published an article: Virtual property (including virtual currency like bitcoin) is protected by law, when virtual assets owned by civil subjects are illegally infringed, they can protect their legitimate rights and interests through legal means.

2. Recently, the Chinese police cracked a Crypto rug pull case, involving a value of about 50 million yuan, and frozen 6 million yuan of stolen money.

3. People’s Bank of China: As of December 31, 2021, the number of digital RMB pilots has exceeded 8.0851 million, a total of 261 million personal wallets have been opened, and the transaction amount has reached 87.565 billion yuan.

4. This year is the Year of the Tiger in China, and 24 Chinese museums have jointly issued 3D digital collections such as “Tiger Relics” and “Zodiac Relics”.

5. Hangzhou will advance the layout of “Metaverse” and other future industries. At the recent 14th Plenary Session of the 12th Hangzhou Municipal Party Committee, Liu Jie, Secretary of the Municipal Party Committee, pointed out in work report that it is necessary to “advance the layout of future industries such as quantum communication and “Metaverse”, and to build the “first city of the national digital economy” at a high level.

It is reported that this is the first time so far that the local party committee and government work report has clearly proposed to create a “Metaverse” industry, and it appears in the party committee work report, and its significance is even more extraordinary.

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