A Closer Look at China’s Web3 Strategy
China has been making significant progress in the field of Web3, despite its cautious stance on cryptocurrencies and blockchain technology. While the country is known for its work on the digital yuan, there are other notable initiatives as well. The Ministry of Industry and Information Technology (MIIT), responsible for governing the telecommunications and IT sector, has been leading China’s blockchain drive.
MIIT’s Web3 Strategy
MIIT has outlined its Web3 strategy with four key points: advancing research and development, establishing a national strategy document, enhancing technical research and supervision framework, collaborating with international actors, and increasing promotional efforts.
A Closer Look at MIIT’s Publication
In response to a proposal by the 14th CPPCC National Committee, MIIT published a document highlighting key areas of focus. This includes research into the metaverse, non-fungible tokens (NFTs), decentralized identity management, and virtual digital people.
The publication also emphasized the need to promote application pilots for distributed digital identity (DID). MIIT acknowledged that both the public and private sectors will play a role in achieving their goals.
The publication reflects China’s approach of balancing innovation with security, government with market forces, and supply with demand. It aligns with the country’s previous efforts to invest in blockchain technology while maintaining control over the market.
China’s Hawkish Stance on Cryptocurrencies
Notably, the MIIT document does not mention cryptocurrencies directly. This is consistent with China’s strict regulations on crypto trading and its skepticism towards the crypto market. China has implemented aggressive measures to combat crypto and AI fraud in recent years.
Hot Take: China Paves the Way for Web3 Development
China’s MIIT is taking significant steps to advance Web3 development in the country. By focusing on research, collaboration, and promoting pilot projects, China aims to establish itself as a leader in this emerging field. While the government maintains its cautious approach towards cryptocurrencies, it recognizes the potential of blockchain technology and its applications in areas like decentralized identity management and NFTs. China’s Web3 strategy demonstrates its commitment to balancing innovation and security, while also fostering collaboration between the public and private sectors.
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