China’s Ministry of Industry and Information Technology has responded to a proposal by Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference, by publishing a document outlining its current and future efforts in developing Web3 and related technologies. Despite the crypto ban in 2021, the ministry recognizes the importance of Web3 development, including metaverse, non-fungible tokens (NFTs), and decentralized apps (dapps).
The ministry highlighted the alignment of Wu’s suggestions with its own goals and emphasized the nation’s advantages in developing Web3, citing a solid industrial foundation and expansive development space. Despite regulatory measures, several steps have been taken to support the industry, including the issuance of policies by the Ministry and the Cyberspace Administration of China and the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee.
The response also outlined ongoing efforts in research institutions exploring Web3-related technologies, support for data institutions, and collaborative initiatives with international organizations to establish standards. The ministry outlined four future steps, including improving Web3 research, strengthening technical research and supervision, carrying out international exchanges and cooperation, and increasing publicity and promotion.
These steps involve focusing on key areas like government affairs and industry, supporting breakthroughs in key core technologies, closely monitoring international trends in Web3, and enhancing public understanding through promotion and application pilots. The goal is to accelerate the innovative application of Web3.0 and build a robust digital ecosystem.
Overall, the document reflects China’s commitment to fostering the development of Web3 technologies and embracing innovation in areas such as NFTs and metaverse, despite the challenges posed by regulatory restrictions on cryptocurrency.
