China’s ambitious plan to dominate the Metaverse raises alarming concerns

TL;DR Breakdown

  • China Mobile, a state-owned telecommunications company, has put forth proposals suggesting the creation of a digital identification (ID) system for users in these virtual environments.
  • The primary purpose of this proposed digital ID system is to maintain order and safety within the virtual world. 
  • What makes this proposal particularly noteworthy is its resemblance to China’s existing social credit system, which is still in development.

Description

It has come to light that China is reportedly considering the implementation of a system reminiscent of its existing social credit system, but this time within the realm of the Metaverse and other online virtual worlds. According to documents viewed by POLITICO and reported on August 20, China Mobile, a state-owned telecommunications company, has put … Read more

It has come to light that China is reportedly considering the implementation of a system reminiscent of its existing social credit system, but this time within the realm of the Metaverse and other online virtual worlds. According to documents viewed by POLITICO and reported on August 20, China Mobile, a state-owned telecommunications company, has put forth proposals suggesting the creation of a digital identification (ID) system for users in these virtual environments. This digital ID would be constructed based on users’ “natural characteristics” and “social characteristics.”

The primary purpose of this proposed digital ID system is to maintain order and safety within the virtual world. To achieve this, the ID would contain a wealth of personal information and identifiable traits, including details about a person’s occupation. The proposals even advocate for this data to be permanently stored and shared with relevant authorities.

An illustrative example was provided to demonstrate the potential benefits of this system. In the scenario of a problematic user causing disturbances and spreading rumors within the Metaverse, the digital ID would enable law enforcement to swiftly locate and penalize the individual responsible.

What makes this proposal particularly noteworthy is its resemblance to China’s existing social credit system, which is still in development. This national infrastructure is designed to encourage desirable behavior by assigning scores and rankings to citizens based on various criteria. Moreover, it has been employed as a means of enforcement. Notably, in 2018, reports indicated that individuals with poor social credit scores were denied the ability to purchase plane tickets about 17.5 million times, and around 5.5 million individuals faced restrictions on buying train tickets due to social credit penalties.

China vs Metaverse

This recent initiative from China Mobile was put forward on July 5 during discussions with a focus group centered around the Metaverse, organized by the International Telecommunication Union (ITU), a UN-affiliated agency focused on communications technology. The focus group is scheduled to convene again in October, potentially leading to a vote on these proposals.

If these proposals are passed, they could wield significant influence over telecommunication companies and technology firms. The ITU’s Metaverse focus group seeks to establish new standards for metaverse services, and the involvement of Chinese companies in the group appears to be particularly active. Notably, compared to contributions from the United States and Europe, Chinese companies are purportedly submitting a larger number of metaverse-related proposals. This effort by Chinese entities appears to be a strategic endeavor to set the standards for the metaverse should its usage become widespread.

This situation has prompted some concerns and reflections on the potential implications. A contributor to the focus group expressed apprehension about a metaverse where identity protocols are established and overseen by Chinese authorities. They urged governments to ponder whether such an immersive world, with identity control by Chinese entities, aligns with their vision of the future.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:China’s ambitious plan to dominate the Metaverse raises alarming concerns

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月21日 19:30
Next 2023年8月21日 22:33

Related articles

  • Uniswap price analysis: Bulls steer the price beyond the significant $5 mark

    TL;DR Breakdown Uniswap price analysis shows an uptrend. The price has leveled up to $5.04 today. Support for UNI is present at $4.96. Today’s Uniswap price analysis reveals an encouraging upward trend in the cryptocurrency market, highlighting a strong comeback from buyers. The current focus lies on surpassing the next resistance level at $5.06. As we anticipate the week ahead, buying activity is expected to intensify further. The bulls, however, need continued support from buyers to successfully counter their next target. Notwithstanding the presence of significant selling pressure, market sentiment has turned positive after a brief dip earlier today, subsequent to yesterday’s correction. UNI/USD 1-day price chart: Recent market dynamics push price levels up to $5.04 According to the latest one-day Uniswap price analysis, there is a noticeable bullish trend as the coin’s value experienced a significant increase today. The bulls have dedicated considerable efforts to revive this upward trajectory. Presently, the UNI/USD value stands at $5.04, primarily driven by the recent bullish strike. However, over the past 24 hours, the coin remains at a loss of 0.31 percent. It…

    Article 2023年6月5日
  • Shiba Inu team reveals complexities behind BONE contract cancellation

    TL;DR Breakdown Shiba Inu’s lead developer has clarified the team’s position on the renunciation of BONE contracts, a topic under intense scrutiny. The update comes after Chief Developer Shytoshi Kusama promised to renounce the contract by August and mint the last 20 million BONE tokens. The Shiba Inu team plans to extensively test the renunciation feature before implementing it on the mainnet. Description Kaal Dhairya, the lead developer for Shiba Inu, clarified the development team’s stance on the highly anticipated renunciation of BONE contracts. Significantly, this move comes after increasing public pressure on the Shiba Inu team to abandon the contract for the BONE token to facilitate its listing on major platforms like Binance. Chief Developer Shytoshi Kusama … Read more Kaal Dhairya, the lead developer for Shiba Inu, clarified the development team’s stance on the highly anticipated renunciation of BONE contracts. Significantly, this move comes after increasing public pressure on the Shiba Inu team to abandon the contract for the BONE token to facilitate its listing on major platforms like Binance. Chief Developer Shytoshi Kusama promised the team would…

    Article 2023年9月17日
  • CFA Institute global survey reveals limited awareness and support for CBDCs

    TL;DR Breakdown The recent CFA Institute members’ survey has revealed that there is little awareness of and support for CBDCs worldwide. While most respondents had little support for CBDCs, the MENA(Middle East and North Africa) area had substantially more optimistic respondents. Governments and central banks have an almost universal consensus to advance CBDC-related efforts. Description The CFA Institute, the global association of investment professionals, today published a global survey on Central Bank Digital Currencies (CBDC) that looked into the opinions of its members on the potential risks and benefits of CBDCs, including their potential impact on financial stability and financial inclusion.  According to the CFA Institute members’ survey, there is … Read more The CFA Institute, the global association of investment professionals, today published a global survey on Central Bank Digital Currencies (CBDC) that looked into the opinions of its members on the potential risks and benefits of CBDCs, including their potential impact on financial stability and financial inclusion.  According to the CFA Institute members’ survey, there is little awareness of and support for CBDCs worldwide; 34 percent of respondents…

    Article 2023年7月27日
  • UK Proposes ‘Crypto Tsar’ role in ambitious bid to lead global crypto regulation

    TL;DR Breakdown The UK proposes the creation of a “Crypto Tsar” to oversee crypto regulation. Cryptocurrencies are deemed not to pose a systemic risk but require careful monitoring as they scale. The UK aims to avoid falling behind other countries in crypto regulation and seeks legal clarity. The Crypto and Digital Assets All Party Parliamentary Group (APPG) has released a comprehensive report today outlining 53 key recommendations for regulating cryptocurrencies in the United Kingdom. To establish the nation as a global hub for the burgeoning industry, the party has suggested creating a new role, the “Crypto Tsar,” to coordinate efforts and ensure a consistent approach to crypto regulation. The report recognizes that cryptocurrencies do not pose any systemic risk. However, it urges the government to closely monitor the industry’s growth and take necessary risk management measures as it scales. The party acknowledges the risk of falling behind other countries in the race to regulate the crypto sector and advises the government to provide legal and regulatory clarity within the next 12 to 18 months. Finding a balance between consumer protection…

    Article 2023年6月10日
  • Royal Bank of Canada forecasts cautious approach by Federal Reserve on CBDCs: Details

    TL;DR Breakdown RBC analyst Atul Bhatia predicts that the U.S. Federal Reserve will adopt a cautious, incremental approach to the development of a Central Bank Digital Currency (CBDC), focusing on enhancing existing systems rather than a complete overhaul. Bhatia highlights the potential efficiencies a digital dollar could bring, such as streamlined transactions, but also points out significant security, privacy, and governance concerns that could outweigh the benefits. Bhatia’s analysis aligns with a broader global trend of cautious CBDC implementation, suggesting that the U.S. Federal Reserve’s approach could serve as a model for other countries grappling with the complexities of digital currencies. Description Royal Bank of Canada analyst Atul Bhatia recently shed light on the U.S. Federal Reserve’s likely approach to Central Bank Digital Currency (CBDC) development, emphasizing a cautious, incremental strategy over a radical transformation. This perspective comes at a time when the concept of CBDCs is gaining global traction, promising to revolutionize the financial landscape. The … Read more Royal Bank of Canada analyst Atul Bhatia recently shed light on the U.S. Federal Reserve’s likely approach to Central Bank…

    Article 2023年9月2日
TOP