- China’s Ministry of Science and Technology, the Chinese Academy of Sciences and the China Association for Science and Technology.
- The strategy aims to provide direction and support for the Web3 industry, highlighting the importance of innovation, security, and the government’s role.
- The announcement indicates China’s commitment to exploring new business models like Non-Fungible Tokens and distributed applications.
China’s Ministry of Science and Technology, in a collaborative initiative with the Chinese Academy of Sciences and the China Association for Science and Technology, announced the release of a comprehensive Web3 strategy. This strategic document aims to provide clear direction and support for the burgeoning Web3 industry, underscoring the importance of innovation, security, and government roles in this sector.
The ministry’s announcement, delivered on Tuesday, emphasizes a solid commitment to exploring new business models like Non-Fungible Tokens (NFTs) and distributed applications (dApps). This move is particularly noteworthy given China’s current stance on cryptocurrencies, demonstrating the country’s interest in the broader potential of blockchain technology beyond crypto.
Moreover, the ministry highlighted the significance of reinforcing collaborations across various departments to foster Web3 innovation. This approach includes further research initiatives and a focus on cultivating industry talent, ensuring a robust infrastructure for the evolving digital ecosystem.
In recent times, China has already witnessed several Web3-oriented initiatives. These include policy documents such as “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” and “Blockchain Information Service Management Regulations.” These policies, formulated by the Technology Ministry and the Cyberspace Administration of China, lay the groundwork for the planned Web3 advancements.
Additionally, blockchain pilot projects have been conducted across various sectors, such as energy, legal, copyright, and trade finance. These initiatives, undertaken by the Cyberspace Administration of China and other departments, indicate a methodical approach to integrating blockchain technology into multiple facets of society.
In the future, Web3 strategies will center on crucial areas like government affairs and industrial applications. The ministry aims to expedite the adoption of Web3 technologies and the establishment of a digital ecosystem, charting a path forward in a rapidly evolving digital landscape.
This strategic document paves the way for innovative applications in Web3 and represents a significant step in China’s digital transformation journey. By embracing the potential of blockchain and related technologies, China positions itself at the forefront of the digital era.