Mumbai Unveils Metaverse Platform to Showcase Major Infrastructure Initiatives
Summary:
Mumbai has introduced the Mumbai Metropolis Metaverse, a metaverse platform for showcasing new and upcoming infrastructure projects across the city and its surroundings. The project includes roads built over the Arabian Sea, underground and undersea tunnels for intracity travel, among other things. Accessible through Android and Apple apps, the initiative aims to provide a virtual monitoring system for residents and global users to oversee the progress of these megaprojects. The project aligns with the Indian Central Bank's plans to enhance the adoption of its Central Bank Digital Currency in remote areas with limited internet access.
India's finance hub, Mumbai, has introduced a metaverse project that showcases existing and future city-scale infrastructure endeavors. The Mumbai Metropolis Metaverse, accessible to all, offers a 3D and VR exploration of infrastructure development plans throughout Mumbai and surrounding regions.
Recently, elevated roads over the Arabian Sea were opened in Mumbai with the goal to alleviate traffic congestion, enhance transportation links and encourage a healthier air quality. Additionally, several other infrastructure enhancements, such as subterranean and subsea passages for city commuting, have been put into motion. This metaversal application endeavours to disclose these plans to its users via an engaging interface.
Deputy Chief Minister of Maharashtra, Devendra Fadnavis, brought this initiative to light on February 19 on platform X. Globally inviting users to witness Mumbai's ‘transformative chapter'. Fadnavis enthused Mumbaikars and Mumbai enthusiasts to participate in the explorative and groundbreaking project known as the Mumbai Metropolis Metaverse through an interactive online link.
This Metaverse, available online and as applications on Android and Apple platforms, will enable residents to keep track virtually of the large-scale projects affecting their day-to-day lives. In line with the government's metaverse ambition to highlight urbanisation and development projects, the central bank of India recently unveiled its desires to establish offline solutions that would help reinforce the implementation of its Central Bank Digital Currency (CBDC), known as the digital rupee. These solutions target remote areas of the country with limited internet availability.
Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), made the announcement about offline CBDC during a Monetary Policy Committee review discussion on February 8, stating: “In areas where internet connectivity is scarce, there are plans to incorporate an offline function into the CBDC-R to allow transactions. These features will be gradually deployed during the pilot phases”.
In March 2023, the first offline CBDC proposal was made, with Ajay Kumar Choudhary, the executive director of the RBI, stating that the bank's focus would be to examine the potential of CBDC in facilitating overseas transactions and connecting with traditional systems.
The Reserve Bank of India (RBI) and 247 Indian banking corporations spearheaded the National Payments Corporation Of India (NPCI), which started recruiting blockchain specialists in Q4 2023. At that time, the primary responsibility of the recruits was to pinpoint areas where blockchain-derived solutions could potentially be implemented.
Published At
2/20/2024 10:43:09 AM
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