China’s Ministry of Science and Technology stated in a response made public on Tuesday that the country intends to publish a Web3 strategy document to define the industry’s future course.The department, in collaboration with the Chinese Academy of Sciences and the China Association for Science and Technology, stated that the strategy paper would address matters pertaining to government obligations, innovation, security, and inheritance.In addition, the ministry intends to improve communication between pertinent divisions in order to foster Web3 innovation, implement further research, and develop industry talent.
China has outlawed cryptocurrencies, but its people are still using non-fungible tokens (NFTs), and the country’s Ministry of Science and Technology stated that it attaches “great importance to the development of Web3 industry.”
China has already hosted a number of Web3 initiatives.A number of policy documents, including the “Blockchain Information Service Management Regulations” and the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development,” have been published by the China Cyberspace Administration and the Ministry of Technology.Additionally, the statement stated that blockchain pilot projects were conducted by the Cyberspace Administration of China, the Central Committee’s Propaganda Department, the Supreme People’s Court, and other agencies. These projects had applications in the areas of trade finance, energy, copyright, rule of law, and copyright.
Moving forward, China’s Web3 strategy would “focus on key areas such as government affairs and industry, encourage the development of new business models such as NFT and distributed applications (dApp), and accelerate the innovative application of Web3 and the construction of a digital ecosystem,” the response which was to Wu Jiezhuang, a member of the CPPCC National Committee, the country’s political advisory body, said.