China Promises Clear Direction for Web3 and NFT Growth

• China to Unveil Web3 Strategy Despite Crypto Ban
• Scope of the Strategy Document
• Crypto Ban Not Deterrent to Web3 Development
• Existing Web3 Initiatives
• Pilot Blockchain Projects
• The Future of Web3 in China

China to Unveil Web3 Strategy Despite Crypto Ban

China's Ministry of Science and Technology has announced plans to issue a detailed strategy document to guide the future of the Web3 industry. The official announcement was made public on Tuesday.

Scope of the Strategy Document

The strategy document seeks to address several key issues such as inheritance, innovation, security and government obligations. The Ministry, in collaboration with the Chinese Academy of Sciences and the China Association for Science and Technology, also plans to promote inter-departmental collaboration to foster innovation, conduct further research, and bolster the industry's talent pool.

Crypto Ban Not Deterrent to Web3 Development

In spite of the country's standing ban on cryptocurrency, its citizens have exhibited an increasing interest in non-fungible tokens (NFTs) and other Web3 innovations. This enthusiasm is echoed by the Ministry itself, which states it lays great importance to the development of Web3 industry.

Existing Web3 Initiatives

There have been several Web3 initiatives already initiated in China. The Ministry of Science and Technology, in conjunction with the Cyberspace Administration of China, has already published policy documents such as the Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development and the Blockchain Information Service Management Regulations.

Pilot Blockchain Projects

Furthermore, departments like the Cyberspace Administration of China, the Propaganda Department of the Central Committee, and the Supreme People's Court have undertaken blockchain pilot projects pertinent to sectors such as energy, law, copyright, and trade finance.

The Future of Web3 in China

Moving ahead, China's Web3 strategy will focus on critical areas like government affairs and industry, stimulate the development of new business models like NFTs and distributed applications (dApps), and expedite the innovative application of Web3 and the construction of a digital ecosystem. This was stated in a response to Wu Jiezhuang, a member of the CPPCC National Committee, the country's political advisory body.

Edited by Jonathan Stoker