Ministry of Information and Technology of China to Develop a New Web3 Strategy
The Chinese government has approved the development of a new strategy to support the Web3 industry in the country. This decision was made in response to a proposal made during the 14th Chinese People’s Political Consultative Conference (CPPCC) National Committee, which sought to strengthen the Web3 sector in China.
A recently published document by the Ministry of Industry and Information Technology outlines four key aspects of this strategy. The first aspect involves improving the overall design of China’s Web3 focus, implementing Web3 technology in government and industry sectors, promoting the development of non-fungible tokens (NFTs) and decentralized applications, and accelerating the development of a digital ecosystem.
Focus on Technical Research and International Collaboration
The second aspect of the strategy focuses on strengthening technical research and supervising the application of blockchain technology through national universities and companies. It also emphasizes the exploration of blockchain technology in various sectors.
The third aspect aims to internationalize China’s Web3 activities by staying on top of the latest trends and involving national institutions in the development of industry standards.
Increasing Public Awareness and Promotion
The fourth aspect seeks to increase awareness and understanding of blockchain technology. This includes promoting blockchain technology through reputable scientific resources and encouraging the use of Web3 applications.
China has shown a growing interest in Web3. In February 2022, 16 governmental bodies designated 15 pilot zones to carry out blockchain projects in various fields, including manufacturing, energy, government services, education, and finance.
Hot Take: China Paves the Way for Web3 Innovation
The Chinese government’s decision to develop a new Web3 strategy demonstrates its commitment to fostering innovation in the blockchain industry. By prioritizing the implementation of Web3 technology in key sectors, promoting NFTs and decentralized apps, and strengthening technical research and collaboration, China aims to position itself as a leader in the Web3 space.
Furthermore, internationalizing their Web3 activities and increasing public awareness will not only benefit China’s domestic market but also contribute to the global advancement of blockchain technology.
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