The Ministry of Industry and Information Technology said last Tuesday that it plans to create strategy documents to clarify the development path of web3.

The central government said that “the encouragement of the exploration of new business models such as NFTs and decentralized applications, the acceleration of innovative applications and the construction of a digital ecosystem for Web 3.0, along with emphasis on key areas such as governance and industry.

The published document was prepared in response to questions from Johnny Ng, a member of the CPPCC National Committee, the country’s highest political advisory body.

The Ministry plans to initiate pilot studies related to distributed digital identity to explore web3 digital identity verification and management, it added.

The central government’s latest encouragement for web3 development came after many local governments pledged to develop the metaverse industry earlier this year. Sichuan, a province of China and once a center of cryptocurrency mining before the country’s mining ban, pledged in August to make the metaverse industry reach a market size of 250 billion yuan ($35.1 billion) by 2025.

China has banned complete crypto trading since September 2021, trade of NFTs produced in the country continued but remained in a regulatory gray area.

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Real Name DID

Earlier this month, the state-backed Blockchain-based China Service Network launched a national-level real-name decentralized identification system to support the country’s Ministry of Public Security research institute.

The developer of China’s national blockchain infrastructure BSN said that “China RealDID is seen as an extension of Anicert’s Cyber Trusted Identity” and added that the launch of the system was “a bold step in the protection of personal data”. According to the statement, thanks to the system, users can register or log in to a commercial website with their DID addresses and private keys.

BSN also said, “Despite its ban on cryptocurrencies, China’s progress in blockchain technology, especially in the field of Web3 with the initiative of the Real Name Decentralized Identifier, is noteworthy”.

The post China Continues to Develop Despite Crypto Ban! appeared first on Coin Engineer.

This move is likely to raise concerns among privacy advocates as it could grant the government unprecedented power to monitor and track its citizens. However, BSN claims that by using decentralized identity (DID) technology, the system will protect user privacy. China will create digital identities for people using blockchain.

For Chinese social media users, real-name registration is mandatory. The six largest social media platforms in China, including WeChat, Sina Weibo, Douyin, Kuaishou, Bilibili, and Xiaohongshu, currently require content creators with 500,000 or 1 million followers to disclose their real names or the names of their financial supporters.

This policy was implemented in October 2023 and was reported to be designed to ‘enhance credibility and ensure public oversight.’ BSN claims the new system will safeguard user privacy. BSN asserts that the new RealDID system will be the world’s first national-level decentralized identity system with real names. The system will use DID technology to allow users to register and log in to websites anonymously.

In a press release, BSN stated, ‘Through the RealDID service, users will be able to register and log in to websites anonymously using their DID addresses and private keys. Thus, business data and transactions will be kept separate from personal information.’

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Concerns about data privacy persist

Despite BSN’s claims, some experts are concerned that the RealDID system could be used to track and monitor citizens’ online activities. They argue that the government could use the system to identify and suppress dissent.

The future of the RealDID system is uncertain

It is unclear how the RealDID system will be implemented or utilized by the Chinese government. However, the announcement will undoubtedly raise concerns among privacy advocates worldwide. Time will tell whether the RealDID system will be a force for good or a tool for repression.

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Li Zhikai, the Chief Commercial Officer of OKX, stated in a recent statement that they are actively engaged in discussions with banks and are eagerly anticipating the issuance of a license to commence their services. The exchange has already initiated preparatory activities, such as technology integration.

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In 2023, Hong Kong has evolved into a crypto-friendly jurisdiction, with the introduction of a licensing regime for crypto exchanges, including OKX, to serve individual clients. This has attracted numerous crypto companies, contributing to the transformation of Hong Kong into a cryptocurrency hub. Recent license recipients, such as HashKey and OSL, exemplify this trend.

HashKey began offering individual cryptocurrency trading services to Hong Kong users on August 28th. The regulatory authority in the country has limited individual customers to Bitcoin (BTC) and Ethereum (ETH) trading to mitigate some of the risks associated with investing in new crypto tokens.

Furthermore, in addition to HashKey and OSL, Huobi and Gate.io have also applied for individual cryptocurrency trading services and are awaiting regulatory approval.

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