March 27, 2024
Latest Cryptocurrency News

Mumbai Unveils Metropolis Metaverse to Showcase Infrastructure Megaprojects

In a groundbreaking move, Mumbai, the financial capital of India, has launched the Mumbai Metropolis Metaverse, providing users with an immersive experience to explore the city’s newly launched and upcoming infrastructure megaprojects. The metaverse platform, introduced on February 19, invites users worldwide to witness the city’s transformative journey.

Deputy Chief Minister of Maharashtra, Devendra Fadnavis, unveiled the initiative on the global stage, emphasizing the importance of showcasing Mumbai’s development initiatives. Fadnavis extended an invitation to users from around the world to witness the “transformation” of Mumbai through the Metropolis Metaverse.

The Mumbai Metropolis Metaverse is a free-for-all platform that allows users to navigate various city-wide development initiatives in 3D and virtual reality (VR). The initiative comes on the heels of recent infrastructure projects, such as roads built over the Arabian Sea to alleviate traffic congestion and enhance connectivity, as well as the creation of underground and undersea tunnels for intracity travel. The metaverse app aims to provide an interactive user interface to share the city’s vision with its residents and global audiences.

Mumbai megaprojects as shown in Mumbai Metropolis Metaverse. Source: mumbaimetaverse.com

One of the primary objectives of the Mumbai Metropolis Metaverse is to enable citizens to virtually monitor the progress of these megaprojects that significantly impact their day-to-day lives. The platform is accessible through its website or dedicated apps available on the Google and Apple app stores.

In a parallel development, the Reserve Bank of India (RBI) announced plans to introduce offline functionality for its central bank digital currency (CBDC), the digital rupee. Governor Shaktikanta Das revealed the plan during a Monetary Policy Committee review meeting on February 8. The move is aimed at facilitating transactions in areas with poor or limited internet connectivity, supporting broader adoption.

Das stated, “It is proposed to introduce offline functionality in CBDC-R to enable transactions in areas with poor or limited internet connectivity. These functionalities will be slowly introduced through the pilots.” The RBI had initially proposed offline CBDC features in March 2023, emphasizing testing for cross-border transactions and integration with legacy systems.

Additionally, the National Payments Corporation of India (NPCI), an initiative led by the RBI and 247 Indian banking companies, began blockchain recruitment in the fourth quarter of 2023. The focus of this initiative is to identify opportunities for implementing blockchain-driven solutions, further showcasing India’s commitment to embracing innovative technologies in various sectors.

As Mumbai pioneers the Metropolis Metaverse and the RBI explores offline solutions for CBDC adoption, India demonstrates its commitment to harnessing technology for sustainable urban development and financial inclusion.

Image by Yogendra Singh from Pixabay

Related posts

Shibarium Ethereum Layer-2 Network Prepares for Public Unveiling after Successful Testing

Christian Green

The Rock and Oprah’s Maui Relief Fund Embraces Cryptocurrency Donations

Eva Moore

Crypto Wealth Surpasses $1.18 Trillion Globally, with Bitcoin Dominating: Henley & Partners Report

Eva Moore

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More