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Strengthen Metaverse Speculation Risk Monitoring and Early Warning | NPC Deputy

By SHIHAN YANG|Mar 11,2022

Chongqing- Since 2021, the concept of "metaverse" has continued to heat up. With the development of a new generation of information technology, this new concept will also cause various problems. How to effectively promote its healthy development deserves attention from all sectors of society. As a representative from a technology company, Gao Yu, deputy to the National People's Congress (NPC) and Executive Director of Chongqing Puyuwei Science and Technology Innovation Center, is concerned about the discussion of the metaverse. This time, she brought relevant suggestions to the NPC.

Gao Yu, deputy to the National People's Congress (NPC) and Executive Director of Chongqing Puyuwei Science and Technology Innovation Center. (Photo provided to iChongqing)

Gao believes that promoting the healthy development of the metaverse requires legal protection. She suggested reshaping and adjusting relevant laws, establishing and improving legal norms about transactions, data, and security that ensure the normal operation of the metaverse economic and social system, as well as laws and regulations that supervise the development and application of the metaverse.

"With the development of supporting technologies and collaborative technologies in the metaverse, we should be vigilant and guard against the hype of the metaverse concept, and layout the rules for the governance of the metaverse in advance to ensure that the correct development principles are established at the very beginning." Gao Yu said that when guiding the development of the metaverse industry with relevant laws, regulations, and ethics, it is necessary to continue to discuss its governance model and explore its regulatory mechanism forward-looking.

In the process of realizing the vision of the metaverse, there are various commercial explorations and attempts. Gao Yu analyzed that due to the limitations of technological development at the current stage, there is still controversy over the prototype products of the metaverse, and also uncertainty in the business model. Some criminals fabricated fake investment projects and illegally absorbed funds. There are also illegal profits by inducing investment, manipulating prices, and other means.

Gao suggested that it is urgent to strengthen the monitoring and early warning of the risk of metaverse speculation from the level of economic activities. "Market supervision departments, in collaboration with banks, network information, public security, and other departments continue to improve the technical monitoring means, the implementation of full chain tracking and full-time information backup for virtual currency and virtual goods transactions and exchanges under the banner of meta-universe."

Gao suggested that it is imminent to strengthen the risk monitoring and early warning of Metaverse speculation from the level of economic activities. "The market supervision department cooperates with banks, Internet information, public security, and other departments to improve technical monitoring methods, and implement full-chain tracking and full-time information backup for virtual currency and virtual commodity transactions and exchanges."

A visitor is experiencing the virtual exhibition through the VR project of the Underwater Museum of White Crane Ridge. (Photo/ Smart Roadshow News Center)

In addition, regulatory departments need to establish information sharing and rapid response mechanisms, strengthen the effective connection between online and offline monitoring, and strengthen the registration of metaverse-related market entities and the management of advertisements with the keywords metaverse.

Metaverse integrates emerging and traditional information technologies such as blockchain and big data, therefore the network security issues are more prominent. Among them, synthesis technology is a typical "double-edged sword" of technological application in the metaverse. In January this year, the Cyberspace Administration of the People's Republic of China announced the Regulations on the Administration of Deep Synthesis of Internet Information Services (Draft for Comment), which made clear regulations and guidelines for the synthesis technology. Gao Yu suggested that the management regulations should be officially issued as soon as possible after fully soliciting opinions from the society, and at the same time to clarify the responsibility, to ensure network information security.

"The virtual world of the metaverse has sensory interaction and immersive experience, and it has the attributes of addiction. Users' excessive indulgence in virtual cyberspace will lead to negative  effects such as loneliness and depression." From the moral perspective, Gao Yu believes that it is necessary to guide the behavior of minors in the metaverse and restrict their behaviors that are not in line with their mental development level.


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