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China, which continues to adopt blockchain technology despite years of cryptocurrency bans, plans to encourage the development of unchangeable tokens and decentralized applications.
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”.