China’s Ministry of Industry and Information Technology Advances Web3 Development Amid Crypto Ban

China’s Ministry of Industry and Information Technology Advances Web3 Development Amid Crypto Ban

China, despite its crypto trading ban, is gearing up for a robust stride in the Web3 space, focusing on technologies such as metaverse, non-fungible tokens (NFTs), and decentralized applications (dApps). The Ministry of Industry and Information Technology recently responded to a proposal by Wu Jiezhuang, emphasizing their commitment to the development of the Web3 industry.

The Ministry applauded Wu’s proposals, stating they align with their vision, acknowledging the forward-thinking and strategic nature of suggestions to strengthen resource support, technical supervision, international cooperation, and publicity in the Web3.0 realm.

China’s Web3 Advancements Despite Ban

Despite the 2021 crypto ban, China has already initiated several steps to bolster the Web3 industry. Policies, including the ‘Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development,’ have been issued by the Ministry and the Cyberspace Administration of China. Collaboration with the National Standardization Committee led to the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee, fostering an environment for Web3 development.

Research institutions are actively exploring Web3-related technologies, including metaverse and NFTs. The establishment of data institutions, such as the Beijing International Big Data Exchange and the Shanghai Data Exchange, serves as a testing ground for applications. The Cyberspace Administration of China has orchestrated national blockchain innovative application pilot actions, generating typical cases across various fields like energy, law, copyright, and finance.

Furthermore, international collaboration is a key focus, with the formation of working groups with global organizations to develop standards, both internationally and domestically.

Future Steps Unveiled by the Ministry

In response to Wu’s suggestions, the Ministry outlined four pivotal steps to elevate Web3 innovation and ensure high-quality industrial development.

  1. Enhanced Research and Development: The Ministry aims to improve Web3 research, devise a comprehensive development strategy, and define application models. Key areas like government affairs and industry will be the focal point, encouraging the development of new business models such as NFTs and DApps.
  2. Technical Research and Supervision: Strengthening technical research and supervision is a priority. The Ministry seeks to support breakthroughs in key core technologies like cross-chain, privacy computing, and smart contracts. Enterprises, universities, and research institutions will be encouraged to contribute to these advancements.
  3. International Exchanges and Cooperation: The Ministry commits to closely following international trends in Web3 from political, industry, academic, and research perspectives. Active participation in global developments is crucial for China’s Web3 strategy.
  4. Publicity and Promotion: The Ministry intends to enhance public understanding of Web3, promoting application pilots like distributed digital identity (DID). Demonstration projects and the establishment of a technology and industrial application exchange platform are among the key initiatives.

As China unveils its strategic roadmap for Web3 development, the global blockchain community watches closely, recognizing the significance of these initiatives in a rapidly evolving digital landscape.

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