China plans to continue embracing blockchain technology despite its cryptocurrency ban, encouraging the development of non-fungible tokens and decentralized applications. the Ministry of Industry and Information Technology said in a statement. document On Tuesday it announced plans to formalize a strategy document to clarify web3’s development path.
The central government said it would “encourage the exploration of new business models, such as NFTs and decentralized applications, and promote the building of a digital ecosystem for innovative applications and Web 3.0, while focusing on key areas such as governance and industry.” This document was prepared to address an inquiry from Johnny Ng, a member of the National Committee of the CPPCC, China’s top political advisory body.
The ministry added that it plans to launch a pilot involving decentralized digital identities to explore web3 digital identity authentication and management.
The central government’s latest encouragement for web3 development comes after several local governments pledged to develop the metaverse industry earlier this year. Sichuan Province — Southwestern China, once a cryptocurrency mining hub Mining Ban — We promised in August that we would aim to: Grow the metaverse industry The market size is expected to reach 250 billion yuan ($35.1 billion) by 2025.
China banned cryptocurrency trading on the mainland in September 2021, but domestic NFT trading continued but remained in a regulatory gray area.
Real name DID
Earlier this month, the state-backed Blockchain-based Service Network China launched a national real-name decentralized identifier system with support from China’s Ministry of Public Security Research Institute.
“China RealDID is viewed as an extension of Anicert’s Cyber Trusted Identity,” BSN said in a statement shared with The Block, adding that the system launch is “a bold step in personal data protection.” According to the statement, the system allows users to register or log in to commercial websites using their DID address and private key.
BSN, China’s national blockchain infrastructure developer, said, “Despite the cryptocurrency ban, China’s progress in blockchain technology is noteworthy. “It is especially noteworthy for pioneering real-name distributed identifiers in the Web3 domain.”
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