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China is focusing on the development of Web3 and NFT

Regulation: China is focusing on the development of Web3 and NFT

Chinese authorities actively support the development of non-interchangeable tokens and decentralized applications (#dApps) despite the ban on national digital assets. China's Ministry of Industry and Information Technology has published a document outlining plans for Web3 development. In the short term, the authorities are going to develop strategic documents to determine further ways to develop the new generation of the Internet in the country.

According to the document, a special committee will start to develop new business models based on #NFT and dApps in order to create a broad Web3 digital ecosystem within the framework of Chinese law.

The ministry plans to achieve the goals through several phases:

  • Funding companies, universities and research centers engaged in #Web3 research and blockchain technology development and supervision.
  • International cooperation, including continuous tracking of the latest trends in next-generation internet among Chinese developers.
  • Advocacy for the latest technologies including #distributed registry, NFT and dApps technologies.
  • Implementing several pilot projects in different regions of China to test and adapt new technologies.

One of China's main goals is to build its own digital ecosystem to compete with other regions such as #USA and #Europe in new technologies. China already has a significant advantage in blockchain and cryptocurrencies, and plans to use this advantage to further develop Web3.

However, despite government support, there are still restrictions and bans on the use of some cryptocurrency assets in China. For example, Chinese citizens are prohibited from using #Bitcoin and other cryptocurrencies to purchase goods and services.

Nevertheless, the development of #Web3 and decentralized technologies in China continues, and Chinese authorities are actively working to create an enabling environment for the development of new technologies. It is expected that in the near future #China may become one of the leaders in Web3 and decentralized applications.

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