Baidu VP Says Their Metaverse App May Not Support Cryptocurrencies

With more than 5 years left in expected development time, the Metaverse-based application from Internet giant Baidu might not have any support for cryptocurrencies.

As more and more Internet giants from China have started to shift their interest towards the metaverse, Baidu is one of those giants that is fairly certain that its metaverse application will be launched in around six years of time, but the concerning point here is that the application will not have any sort of support for any digital assets.

Open-Source Platform

During the ‘Create 2021’ developers’ event, Vice President of Baidu, Ma Jie gave insights about the company’s approach towards its metaverse app that will be called as ‘XiRang’. Despite already having a full year in development, Ma Jie said that it might take another six years for the app to fully launch into digital stores and marketplaces. Mai Jie additionally mentioned that XiRang’s advanced systems will be able to support around 100,000 virtually operating people.

\With the development of XiRang, Baidu is focusing on uplifting a platform that is open source in the eyes of developers who want to work on metaverse, while also constructing a planned structure for the digitally operated world. Baidu’s XiRang application is currently available for developers in China, for them to contribute their own role in building this complex structure.

No Crypto Support

Because of the Chinese ban on trade and mining of crypto and strict restrictions, Ma Jie clearly stated that the application will not have support for any kinds of cryptocurrencies during launch. Unless some sort of magical event happens, where crypto comes back to the Chinese region, it is highly unlikely that the application will work with any digital assets.

The Chinese government has not shown any mercy to cryptocurrency traders, especially this year, where the major crackdowns took down most of the cryptocurrency firms and forced miners to flee and seek other countries which have softer spots for crypto.

Increase in Metaverse Interest

As of now, there seem to be no proper regulations or laws regarding operation of a metaverse and media outlet in the region have been marking them as scam projects. The People’s Bank of China has also been giving out multiple warnings and have highlighted NFTs and the metaverse as dangerous entities. However, many large tech organizations have already started to work on metaverse options, as more than 8000 trademark apps have already applied for registrations.       

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