25 December 2023
Chinese institutions propose an aggressive Web3 and blockchain plan, aiming to lead in decentralized technology and research.
China’s approach to cryptocurrency and blockchain has been marked by contradictions. While implementing strict bans on crypto trading and mining, the country has shown a more liberal stance towards other emerging technologies like non-fungible tokens (NFTs). However, the Chinese government is now making a significant turn by aggressively pursuing the development of Web3 and blockchain technologies. This new initiative aims to position China as a leader in decentralized technology and reshape its tech strategy.
Chinese Authorities Embrace Blockchain and Web3:
The Ministry of Industry and Information Technology in China recently published a document outlining recommended initiatives for the country in the Web3 space. The document highlights the government’s intention to strengthen the policy framework surrounding Web3 technologies and ensure harmonized growth of the industry with necessary regulatory oversight. The focus is on advancing research in blockchain technology and nurturing homegrown innovations while keeping pace with global developments.
Global Engagement and Standardization:
Recognizing the international nature of Web3, China’s plan also emphasizes actively engaging in the creation of global standards for the industry. The goal is to influence and adapt to international norms in Web3 technologies, establishing China’s role in the global discourse. By participating in the development of global standards, China aims to shape the direction and future of decentralized technology.
Integration Across Industries:
The Chinese initiative envisions the integration of Web3 technologies across various sectors, including healthcare, education, and tourism. This signals a broad application spectrum for these technologies in China’s digital infrastructure. By leveraging Web3, the country aims to enhance efficiency, transparency, and security in these industries, ultimately driving economic growth and innovation.
Contrasting Stance on Cryptocurrencies:
China’s aggressive push into Web3 and blockchain technology stands in stark contrast to its strict stance on cryptocurrencies. The country has imposed a comprehensive ban on all cryptocurrency-related activities, including trading. This move effectively curtails the operation of crypto exchanges within China. However, Chinese citizens can still hold digital assets in Hong Kong, which offers a more lenient regulatory environment.
Implications and Significance:
China’s initiatives in Web3 and blockchain have far-reaching implications. As the world’s second-largest economy and a major player in the tech space, China’s actions can significantly shape the future of decentralized technology. By focusing on research, integration across industries, and global engagement, China aims to position itself as a leader in Web3 and assert its influence in the global tech landscape.
China’s aggressive pursuit of Web3 and blockchain technologies represents a paradigm shift in its tech strategy. While maintaining strict restrictions on cryptocurrencies, the country is actively embracing decentralized technology and aiming to lead in the development and application of Web3. As China positions itself as a global player in this emerging field, the implications for the future of technology and its impact on various industries are significant. The world will be closely watching China’s progress in Web3, as it has the potential to shape the trajectory of decentralized technology worldwide.