China Outlines Future of Web3 and NFT with Strategy Document

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    China's Ministry of Science and Technology has introduced a Web3 strategy that encompasses the development of new business models focused on non-fungible tokens (NFTs). Despite China banning cryptocurrencies, this strategy emphasizes the government's responsibility to the web three industries.

    In collaboration with the Chinese Academy of Sciences and the Chinese Association of Science and Technology, the Ministry of Science and Technology of China will release a comprehensive Web3 strategy document. This document aims to clarify the nation's path forward in the Web3 industry, addressing aspects such as inheritance, innovation, security, and government responsibility.

    The strategy also emphasizes the importance of fostering interaction between relevant government departments to foster Web3 innovation, conduct extensive research, and develop talent within the industry. Its approach aims to leverage her Web3 technology for the benefit of governments and businesses.

    Despite the Chinese government's cryptocurrency regulations, Chinese citizens have enthusiastically embraced NFTs. The Ministry of Science and Technology recognizes NFTs and is responsible for supporting their continued development. NFTs have provided digital assets with a variety of applications, from digital art and collectibles to virtual real estate.

    China's Web3 efforts in action

    The Ministry of Science and Technology, in cooperation with the Cyberspace Administration of China, has already released A series of policy documents to accelerate the adoption of blockchain technology and its industrial development. These documents will pave the way for a thriving blockchain ecosystem in China.

    A recent publication by China's Ministry of Science and Technology is consistent with the country's established approach to blockchain technology. While China is actively investing in the potential of blockchain, it continues to exercise strict oversight and control. This strategy is consistent with actions China will take in 2023. implemented Proactive measures to combat fraud in the cryptocurrency and AI field.

    Various government departments, including the Cyberspace Administration of China, the Central Committee Publicity Department, and the Supreme People's Court, have been working on blockchain pilot projects across various fields, including energy, rule of law, copyright protection, and trade finance.

    Main focus areas of China's Web3 strategy

    China's Web3 strategy revolves around four key areas. First, the government is focusing on promoting research and development in his Web3 field. Second, there is a focus on strengthening the technical research and oversight framework to ensure the safe and responsible evolution of Web3 technologies. Third, China aims to cooperate with international partners and closely monitor the development of Web3. Finally, in order to increase acceptance and use of Web3 technology, emphasis is placed on raising public awareness and promoting adoption of Web3 technology.

    This announcement is suggestionl By the 14th CPPCC National Committee, an advisory body within the Chinese government. It focuses on research on metaverse and NFT concepts, especially decentralized identity management, and is detailed in a document in response to questions from Johnny Ng of the CPPCC National Committee, led by the Ministry of Industry and Information Technology. There is.

    This plan includes the creation of a strategy document for the development of Web3 and the adoption of a project for a decentralized digital identity system. This shows China's commitment to integrating blockchain technology into digital frameworks and virtual digital entities.


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