China’s Ministry of Science and Technology said on the 19th that it plans to release a Web3 strategy document to clarify the industry’s future path. The statement was made in response to Wu Jizhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), a political advisory body jointly with the Chinese Academy of Sciences and the Chinese Science and Technology Association.
According to responses, the strategy document will address issues such as inheritance, innovation, security and government obligations. The Ministry of Science and Technology further plans to strengthen exchanges between relevant departments to promote Web3 innovation, develop further research, and strengthen industry talent.
Despite China banning crypto assets (virtual currencies), the public still pays attention to NFTs, and the Ministry of Science and Technology said it “places great importance on the development of the Web3 industry.”
Many Web3 initiatives are already underway in China. The Ministry of Science and Technology, together with the Cyberspace Administration of China, released a series of policy documents, including the “Guiding Opinions on the Application of Blockchain Technology and Acceleration of Industrial Development” and the “Blockchain Information Service Management Regulations.”
Additionally, the response noted that departments such as the Cyberspace Administration of China, the Central Publicity Ministry, and the Supreme People’s Court have implemented blockchain pilot measures related to areas such as energy, rule of law, copyright, and trade finance. has been done.
Going forward, China’s Web3 strategy will “focus on key areas such as government affairs and industry, promote the development of new business models such as NFTs and Dapps (decentralized applications), and promote the innovative application of Web3 and digital ecosystem.” “We will accelerate the construction of the
｜Translation and editing: Rinan Hayashi
｜Image: Li Yang / Unsplash
｜Original text: China Vows to Clarify Web3, NFT Development Path