Chinese authorities to form roadmap for Web 3.0 sector development

Its main focus will be on NFTs and DApps

20.12.2023 - 12:56

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2 min

What’s new? The Chinese authorities intend to accelerate the adoption of blockchain technologies, despite the ban on cryptocurrencies in the country. Thus, the Ministry of Industry and Information Technology is forming a roadmap for the development of the Web 3.0 sector, which involves stimulating developments in the areas of non-fungible tokens (NFT) and decentralized applications (DApps).

Press release

What else is known? The program will focus on the areas of industry and governance. The authorities intend to support companies implementing new business models using NFTs and DApps to form a digital Web 3.0 ecosystem. The ministry also plans to launch pilot projects in the field of creating decentralized digital identities.

Cryptocurrency mining and trading were banned in the country back in 2021, but the NFT field has received its own regulation. In 2022, local companies independently introduced identification procedures for buyers of such assets, while authorities tightened oversight of the sector to enforce copyright.

Chinese authorities to launch blockchain-based identification system

A decentralized identifier system will be developed by the Ministry of Public Security

In addition, Hangzhou authorities launched a corporate blockchain platform for data trading in August this year, and mainland Chinese residents have increasingly turned to Hong Kong companies to buy cryptocurrencies. This special administrative region of the People’s Republic of China has separate cryptocurrency laws that allow licensed crypto exchanges to operate.

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