China Vows to Clarify Web3, NFT Development Path

Moving forward, China’s Web3 strategy would encourage the development of new business models such as NFT and accelerate the innovative application of Web3, the Ministry of Science and Technology said.

AccessTimeIconDec 20, 2023 at 11:44 a.m. UTC
Updated Mar 8, 2024 at 6:58 p.m. UTC
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China plans to release a Web3 strategy document to clarify the path forward for the industry, its Ministry of Science and Technology said in a response released on Tuesday.

The strategy document would handle the issues of inheritance, innovation, security and government obligations, the department, along with the Chinese Academy of Sciences, and the China Association for Science and Technology, said. Plus, the ministry plans to strengthen interaction between relevant departments to promote Web3 innovation, deploy further research and strengthen talent in the industry.

Despite China’s ban on crypto, its citizens have still been turning to non-fungible tokens (NFTs) and the Ministry of Science and Technology said it places “great importance to the development of Web3 industry.”

Already a number of Web3 initiatives have taken place in China. The technology ministry, along with the Cyberspace Administration of China, has released a series of policy documents such as the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” and the “Blockchain Information Service Management Regulations.”

Plus, the Cyberspace Administration of China, the Propaganda Department of the Central Committee, the Supreme People’s Court and other departments carried out blockchain pilot actions that were relevant for fields such as energy, rule of law, copyright, and trade finance, the response said.

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.

Edited by Parikshit Mishra.


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Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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