China’s Ministry of Industry and Information Technology Supports Web3 Development
China’s Ministry of Industry and Information Technology has released a document in response to a proposal on promoting the development of the Web3 industry. The Ministry, along with the Chinese Academy of Sciences and the China Association for Science and Technology, concluded that the suggestions align with their direction and are highly consistent with their key tasks. They acknowledged China’s advantages in developing Web3, including a proper industrial foundation and broad development space.
Fostering NFTs and Metaverse
The Ministry outlined several steps they have taken to support the industry, including issuing policies to accelerate the application of blockchain technology, establishing a national standardization committee for blockchain development, and supporting research institutions exploring Web3-related technologies such as metaverse and NFTs. They have also established data institutions that serve as testing grounds for applications.
Four Future Steps
In response to the proposal, the Ministry plans to strengthen collaborations with relevant departments to promote Web3 innovation and high-quality industrial development. Their four steps include improving research on Web3, strengthening technical research and supervision, carrying out international exchanges and cooperation, and increasing publicity and promotion.
Hot Take: China’s Commitment to Web3 Development
China’s Ministry of Industry and Information Technology’s document outlining their support for Web3 development shows their commitment to fostering NFTs and dapp growth despite the crypto ban. With a focus on key areas such as government affairs and industry, China aims to encourage new business models like NFTs and accelerate innovative applications of Web3. By strengthening technical research, carrying out international exchanges, and increasing publicity, China is positioning itself as a major player in the Web3 industry.
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