China Fully Supports Web3, Blockchain Technology, Despite Crypto Ban


The Chinese government is aggressively promoting Blockchain, NFTs, decentralized applications (dApps), and other Web3 technologies.

There has been some ambiguity in the Chinese government’s stance on blockchain and cryptocurrency. The nation has been more lenient with other forms of technology, such as NFTs, while completely banning crypto mining and trading. When it comes to Web3, the authorities are now taking a bold new approach.

Web3 and blockchain development have lately received a lot of attention from China’s Ministry of Industry and Information Technology. With this plan, the nation hopes to become an industry pioneer in decentralized technology.

The Chinese government released a paper outlining potential Web3 projects on Tuesday, December 19, according to the Ministry of Industry and Information Technology. In order to position China as a global leader in new technologies, the paper suggests a number of important steps.

The government plans to strengthen the rules and regulations that govern Web3 technology. They hope that, with the right regulatory watchdogs in place, the Web3 business can expand in a unified fashion.

Research into blockchain and other Web3 components is moving forward at a rapid pace. This necessitates both the development of indigenous technology and the monitoring of developments in the sector on a worldwide scale.

Given the worldwide scope of Web3, the strategy also prioritizes contributing to the development of industry-wide standards. In order to solidify China’s position in the global conversation, this involves shaping and adjusting to Web3 technology standards.

The initiative’s ambition for Web3 technology integration across sectors including healthcare, education, and tourism indicates a wide range of potential uses for these tools in China’s digital infrastructure.

The most recent report is a component of a bigger effort by the Ministry of Industry and IT to use decentralized technology.

Take the Ministry’s three-year Metaverse action plan, for example, which was unveiled in September.Three to five metaverse companies with a worldwide impact by 2025 are the target of this all-encompassing approach.

In sharp contrast to its hardline attitude toward cryptocurrencies, China is actively pursuing Web3 and blockchain technologies. The government has outright banned all cryptocurrency-related activities, including trading. This decision will severely restrict the operation of cryptocurrency exchanges in China.

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