China’s Four-Step Plan to Boost Web3 Innovation
China has outlined a four-step approach to promote the development of the Web3 industry and clarify its plans for technological innovation. The decisions made by China have historically had a significant impact on crypto asset prices.
Wu Jiezhuang, a member of the CPPCC National Committee, submitted a proposal to Chinese ministries advocating for the growth of the Web3 industry. In response, the Ministry of Science and Technology, the Chinese Academy of Sciences, and the China Association for Science and Technology expressed their intention to collaborate and promote Web3 innovation and industrial development.
The Four Steps to Promote Web3 Innovation
The ministries have laid out a four-step plan to drive Web3 innovation:
- Improve top-level design and enhance research and development efforts in Web3.
- Strengthen technical research and supervision.
- Facilitate international exchanges and collaborations.
- Boost technology publicity and promotion.
The goal is to support participants in the Web3 industry by assisting with technology research and development. Additionally, there is a focus on encouraging the growth of non-fungible tokens (NFTs) and decentralized applications (dApps).
Chinese Influence on Crypto Market
Past Chinese decisions have had a significant impact on the crypto market, often coinciding with market tops. For example, in May 2021, China banned financial institutions from engaging in crypto services and cracked down on the crypto mining industry. These actions led to a market crash of nearly 50% to $30,000.
A community member on Twitter commented on this pattern, stating that the Chinese government seems to be adept at promoting crypto when prices are low and spreading fear, uncertainty, and doubt (FUD) when prices are high.
Hot Take: China’s Web3 Push Signals Positive Outlook
China’s plan to boost Web3 technological innovation is a positive sign for the industry. With its significant influence on the crypto market, China’s support and clarity on its development plans can bring stability and confidence to the Web3 ecosystem. The focus on NFTs and dApps also indicates the country’s recognition of the potential of these technologies. As China takes steps to strengthen collaboration, research, and promotion, it opens doors for international exchanges and cooperation in the Web3 space. This announcement marks an important milestone in the global advancement of Web3 innovation.
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