Towards Web3 development
China’s Ministry of Industry and Information Technology, a government agency, announced on the 19th that it will promote the development of NFTs (non-fungible tokens) and decentralized apps (dApps).
He explained that while crypto assets (virtual currencies) are currently prohibited, Web3 will be promoted. From now on, a strategy document will be created to develop Web3 and the future path will be clarified.
What are dApps?
Abbreviation for “Decentralized Applications”. A major feature is that there is no centralized administrator.
Virtual currency glossary
This announcement of Web3 promotion was made public in a document. The document is said to be a response to proposals from members of the National Policy Advisory Council. This member proposed the promotion of Web3, and the Ministry of Industry and Information Technology agreed to the proposal.
The Ministry of Industry and Information Technology will encourage the exploration of new business models such as NFTs and dApps. It also states that it will encourage the development of innovative Web3 apps and the creation of a digital ecosystem.
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He also explained that his future plans include experimenting with decentralized ID (DID). He also said that he would promote exchange and cooperation with other countries and develop human resources.
Trends in China
In 2021, China reiterates its policy of banning virtual currency trading and mining. In October of this year, the Governor of the People’s Bank of China stated, “We will thoroughly crack down on virtual currency transactions.”
connection: Governor of the People’s Bank of China “Thoroughly crack down on virtual currency transactions” mentioned in the National People’s Congress announcement
On the other hand, he has long shown a strong interest in blockchain technology itself. For example, last month, Chinese Foreign Minister Wang Yi said at a meeting of the three foreign ministers of Japan, Japan, and South Korea that “we should strengthen cooperation in big data, blockchain, artificial intelligence (AI), and other cutting-edge technology fields.” ing.
connection: Chinese foreign minister calls for cooperation between Japan, China, and South Korea in the areas of blockchain and AI (artificial intelligence)
Also, this month, the Blockchain Services Network (BSN), led by a Chinese government-related organization, announced the launch of a blockchain-based ID (identification information) verification platform called RealDID.
BSN claims that RealDID will give users control over the use of their digital identities and personal information. Chinese citizens will be able to use this address to anonymously register and log in to various websites.
connection: Chinese government opens decentralized ID platform for 1.4 billion people, denies monitoring of citizens
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