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

  • Texas regulator accuses lending firm Abra of committing fraud

    TL;DR Breakdown A Texas regulator has accused crypto lending platform Abra of committing securities fraud. Insolvency and lack of transparency casts doubts on Abra’s financials. In recent developments, Abra, a prominent crypto lending firm, has come under scrutiny as Texas regulators accuse the company of securities fraud and claim it has been insolvent since March 31. The Texas State Securities Board issued an emergency cease and desist order against Abra and its founder, William Barhydt, while alleging deceptive practices related to investment product sales through its affiliates, Abra Earn and Abra Boost. The Texas regulator filed a motion against Abra Abra, founded by William Barhydt in 2014, facilitated trading, lending, and borrowing of crypto assets for retail and institutional investors. The firm reportedly managed approximately $116.79 million in assets for Abra Earn and Abra Boost investors in the United States as of May 17. The Texas regulator alleges that Abra and Barhydt intentionally concealed financial information, including the capitalization of parties, loan defaults, and the transfer of assets to Binance. The board accuses Abra of misleading statements in the sale…

    Article 2023年6月19日
  • Bitfinex Recovers $314K From 2016 Hack

    TL;DR Breakdown Bitfinex has recovered $314K and 6.9 Bitcoin Cash from the 2016 hack, representing a fraction of the $3.6 billion stolen. The exchange continues to work with law enforcement to retrieve additional funds and plans to distribute recovered assets to holders of Recovery Right Tokens. Description Bitfinex, a prominent cryptocurrency exchange, has made significant progress in recovering funds lost during a notorious 2016 hack. In collaboration with the United States Department of Homeland Security and other law enforcement agencies, the exchange has retrieved $312,219 in cash and 6.9 Bitcoin Cash, valuing approximately $1,951 today.  However, this recovery represents only a fraction … Read more Bitfinex, a prominent cryptocurrency exchange, has made significant progress in recovering funds lost during a notorious 2016 hack. In collaboration with the United States Department of Homeland Security and other law enforcement agencies, the exchange has retrieved $312,219 in cash and 6.9 Bitcoin Cash, valuing approximately $1,951 today.  However, this recovery represents only a fraction of the total losses suffered by Bitfinex’s clients, who were targeted in the hack and had approximately 120,900 BTC, currently…

    Article 2023年7月8日
  • Canada’s economy is shrinking, housing crisis and negative amortization add strain

    TL;DR Breakdown Canada’s economy unexpectedly shrunk in the second quarter, driven by reduced housing investment and household spending. About 20% of outstanding mortgages at major Canadian banks are experiencing negative amortization, totalling around $130 billion. Canada is facing a severe affordable housing crisis, and Finance Minister Chrystia Freeland emphasized the need for a collaborative effort to solve the crisis. Description Canada’s economy experienced an unexpected shinkage in the second quarter, with an annualized rate of -0.2%. According to Statistics Canada, the slowdown in the quarter can be attributed primarily to declines in housing investment, reduced inventory accumulation, and household spending. Meanwhile, the second-quarter figure is significantly below the Bank of Canada’s (BoC) projection for a … Read more Canada’s economy experienced an unexpected shinkage in the second quarter, with an annualized rate of -0.2%. According to Statistics Canada, the slowdown in the quarter can be attributed primarily to declines in housing investment, reduced inventory accumulation, and household spending. Meanwhile, the second-quarter figure is significantly below the Bank of Canada’s (BoC) projection for a 1.5% annualized GDP growth and the 1.2%…

    Article 2023年9月20日
  • Top crypto tweets of the day – June 5th

    Contents hide 1 US SEC Sues Binance and CEO Zhao for Breaking US Securities Rules 2 Binance’s outflow spikes after SEC suit 3 The end goal of the US crypto crackdown is an agenda-based CBDC, says Cardano founder 4 BNB, and other major altcoins take a hit amid SEC Binance lawsuit 5 SEC names SOL, ADA, MATIC, FIL, ATOM, and others as securities 6 BTC and ETH’s long-term volatility hit 2-year low 7 BNB market depth on Binance has more than halved since news of the SEC lawsuit 8 Jeffrey Wilcke, one of the Ethereum co-founders, just sent 22k ETH to Kraken 9 Atomic Wallet had a malicious update that sent your private keys to an attacker once you opened the app 10 Debt Ceiling raised, $1T in new bonds to hit the market US SEC Sues Binance and CEO Zhao for Breaking US Securities Rules Bloomberg reported that the US SEC Sues Binance and CEO Zhao of Breaking US Securities Rules. https://t.co/d4blJA2chv Earlier, the U.S. CFTC sued Binance and its CEO Zhao for violating U.S. derivatives rules. Today’s media…

    Article 2023年6月10日
  • Here’s the crypto market as the weekend effect kicks in – BTC above $26K

    TL;DR Breakdown The historical crypto weekend is early for traders as fears of digital assets price dump swirl in the market. The United States economic state continue to play a major role in the crypto industry with investors staying clear of risky investments. The arguments on when the bull run will start continue to be divided among crypto market analysts. Description As the weekend approaches, the crypto market is showing a remarkable uptick, exemplified by Bitcoin (BTC) surging close to the $26,000 mark. Traditionally, the weekend has been a time when trading volumes are lower, but volatility can spike, creating lucrative opportunities for both retail and institutional investors.  This phenomenon, widely known as the “weekend effect,” … Read more As the weekend approaches, the crypto market is showing a remarkable uptick, exemplified by Bitcoin (BTC) surging close to the $26,000 mark. Traditionally, the weekend has been a time when trading volumes are lower, but volatility can spike, creating lucrative opportunities for both retail and institutional investors.  This phenomenon, widely known as the “weekend effect,” seems to be in full swing,…

    Article 2023年9月9日
TOP