China vows to clarify Web3, NFT development path

China vows to clarify Web3, NFT development path

Time Stamp: December 26, 2023 12:10 AM
China vows to clarify Web3, NFT development path PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Already a number of Web3 initiatives have taken place in China. The technology ministry, along with the Cyberspace Administration of China, has released a series of policy documents such as the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” and the “Blockchain Information Service Management Regulations.”

Plus, the Cyberspace Administration of China, the Propaganda Department of the Central Committee, the Supreme People’s Court and other departments carried out blockchain pilot actions that were relevant for fields such as energy, rule of law, copyright, and trade finance, the response said.

Moving forward, China’s Web3 strategy would “focus on key areas such as government affairs and industry, encourage the development of new business models such as NFT and distributed applications (dApp), and accelerate the innovative application of Web3 and the construction of a digital ecosystem,” the response which was to Wu Jiezhuang, a member of the CPPCC National Committee, the country’s political advisory body, said.

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