China announced its commitment to provide clarity on its Web3 strategy, with a special focus on the development of new business models such as non-fungible tokens (NFTs) and the accelerated implementation of Web3, according to the Ministry of Science and Technology. This statement came in response to the growing demand for guidance in the industry.
The Ministry of Science and Technology of China plans to release a strategic document on Web3 to address crucial issues such as inheritance, innovation, security, and government obligations. Collaborating with the Chinese Academy of Sciences and the China Association for Science and Technology, the ministry aims to strengthen collaboration among relevant departments, promote innovation in Web3, conduct additional research, and enhance talent in the sector.
China Aims for Blockchain Development Despite Its Ultra-Repressive Context
Despite China’s cryptocurrency-related ban, citizens have shown significant interest in non-fungible tokens (NFTs). The Ministry of Science and Technology emphasized its commitment to the development of the Web3 industry, underscoring its importance.
China has already initiated several Web3 initiatives. The technology ministry, in conjunction with the Cyberspace Administration of China, has issued a series of policy documents, such as the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” and the “Blockchain Information Service Management Regulations.” Additionally, the Cyberspace Administration of China, the Propaganda Department of the Central Committee, the Supreme People’s Court, and other departments have carried out blockchain pilot actions relevant to areas such as energy, rule of law, copyright, and trade finance.
Looking ahead, the country strategy will focus on key areas, aiming to develop and collaborate on government and industry matters. The focus will be on fostering the development of new business models such as NFTs and distributed applications (dApps). This positions the country as a pioneer in the field, favoring the construction of a digital ecosystem. These details were communicated in response to Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), the country’s political advisory body.