China aims to innovate web3 with national framework for NFTs and dApps

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Despite the cryptocurrency ban, China still has a strategic plan to promote the adoption and development of web3 services in the country.

According to a document released by China’s Ministry of Industry and Information Technology, central government agencies are formulating strategies to explore new business models such as NFTs and DApps (decentralized applications), promote innovative applications, and build a Web3 digital ecosystem.

In addition, the Ministry of Industry and Information Technology has also cooperated with the State Cyberspace Administration of China to issue important policy documents such as the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development”; and the “Blockchain Information Service Regulations”.

In addition, the agency will also establish the National Blockchain and Distributed Accounting Technology Standardization Technical Committee (TC590) with the National Standardization Committee. The initiative aims to promote a development environment conducive to Web 3.0 utilizing blockchain technology.

China web3 development strategy

The new framework targets four key areas to advance China’s web3 development strategy. These areas involve conducting country-specific research, mapping development trajectories and addressing issues related to innovation and heritage.

In addition, China’s strategy also includes improving technology research and regulation, promoting cooperation with international industry stakeholders, and enhancing technology adoption. On this basis, China will be positioned in emerging industries.

It can be seen that the Chinese government’s move to innovate web3 came shortly after multiple local governments committed to developing the virtual universe industry. Sichuan province, once a center for cryptocurrency mining, is committed to developing the virtual world industry and aims to expand the market to 250 billion yuan ($35.1 billion) by 2025.

Although China banned cryptocurrency trading in September 2021, NFT trading still exists because the government did not directly ban such tokens.

Especially recently, China has just piloted a new digital identity service called RealDID. The service aims to meet the needs of the growing digital economy by striking a balance between ensuring user anonymity and requiring real-name verification.

VIC encryption compilation

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