[NEWS] China announces promotion of Web 3.0, focusing on utilization of NFTs, dApps, etc.

China's Ministry of Science and Technology announced on the 19th that it will promote Web 3.0 by utilizing blockchain and NFTs.

This statement was made public in response to Wu Jiezhuang, a member of the Chinese People's Political Consultative Conference, a national advisory body, after the Ministry of Science and Technology consulted with the Chinese Academy of Sciences and the China Association for Science and Technology.

According to the statement, the Ministry of Science and Technology attaches great importance to the development of the Web 3.0 industry and intends to strengthen financial support for research and development, as well as improve regulations and management systems. It added that "Commissioner Wu's proposal to encourage international cooperation and strengthen publicity and promotion is a strategic proposal with an eye to the future, and is consistent with the important work of the Ministry."

The statement said that China currently has advantages in promoting Web 3.0. Specifically, it cited the improvement of the policy environment and deepening of technological exploration, and as an example, the plan to promote the innovative development of Web 3.0 by 2025 in Beijing.

He also said that the development and training of dApps is currently accelerating, and that it is expected to be used in fields such as industry, medicine, education, and tourism.

In addition, the Central Internet Information Office, the Central Propaganda Department, and the Supreme People's Court have said that they have conducted trial operations of blockchain applications in 16 fields, including energy, rule of law, copyright, trade, and finance.

In the future, China plans to strengthen research and studies to promote Web 3.0. To that end, it will formulate a development strategy document for Web 3.0 that is in line with China's national conditions, and clarify the path for development and the application of technology. On that basis, it explained that it will encourage the development of new business models such as NFTs and dApps, focusing on key areas such as government and industry, and accelerate the innovative application of Web 3.0 and the construction of a digital ecosystem.

The policy of prohibiting crypto assets remains unchanged

In order to promote Web 3.0, it has shown a proactive attitude toward international cooperation. It said that it will closely grasp the trends of governments, industries, academics, and research fields around the world, and promote the development of human resources and organization building with innovative capabilities. In addition, they will work to improve the public's understanding and awareness of Web 3.0.

China, which once boasted a prosperous history in cryptocurrency mining, may be making its presence felt in the Web 3.0 field. There is no change to the policy of completely banning cryptocurrency, and the government is promoting Web 3.0 with the aim of accelerating efforts to utilize NFTs and blockchain.

Reference:Statement
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