Key takeaways:
- China’s Ministry of Science and Technology to unveil a Web3 strategy, boosting NFT and dApp growth.
- Emphasis on key sectors like government and industry, targeting inheritance, innovation, security, and government responsibilities.
In a surprising turn of events, China has signaled a shift in its approach to the digital landscape by expressing plans to encourage the development of Non-Fungible Tokens (NFTs) and decentralized applications (dApps).
This announcement comes in stark contrast to the country’s previous stance on cryptocurrencies, which it had intermittently criticized.
The initiative is a response to a proposal by Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference. The Ministry of Science and Technology, in collaboration with the Chinese Academy of Sciences and the China Association for Science and Technology, has carefully examined Wu’s ‘Proposal on Promoting the Development of Web3 Industry.’
China’s Web3 strategy outlined in the document places a strong emphasis on fostering new business models, particularly in the realms of NFTs and dApps.
Notably, this move comes despite the existing ban on digital assets in the country. Acknowledging the increasing interest in NFTs among Chinese citizens, the government has expressed its commitment to developing the Web3 industry and cultivating a robust digital ecosystem.
One key aspect of the strategy involves the launch of pilots related to distributed digital identity (DID). The goal is to explore web3 digital identity authentication and management, signaling a forward-looking approach to the evolving digital landscape.
This move aligns with several local governments’ earlier pledges to develop the metaverse industry, demonstrating a broader commitment to technological innovation.
While mainstream cryptocurrency use cases remain restricted on the mainland, the proposed plans include blockchain-based application developments, particularly in government and industry sectors.
The Ministry of Industry and Information Technology (MIIT) has revealed its intention to launch project pilots for distributed digital identity, aiming to explore digital identity authentication for the public.
In a noteworthy development in September, a People’s Court in China issued a comprehensive report delving into the legal aspects of virtual assets, reshaping the nation’s stance on cryptocurrencies.
Additionally, the collaboration between the National Standardization Committee and the Ministry led to the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee, creating a conducive environment for blockchain-based Web3 development.
Research institutions in China are actively exploring Web3-related technologies, with a particular focus on the metaverse and NFTs.
This signifies a broader recognition of the transformative potential of decentralized technologies, even in a regulatory landscape that has been traditionally cautious.
As China takes steps to encourage the development of NFTs and dApps, the global blockchain community watches closely, anticipating potential shifts in the dynamics of the rapidly evolving digital space.
