China Vows to Clarify Web3, NFT Development Path
Summary
China's Ministry of Science and Technology intends to unveil a Web3 strategy document, outlining the nation's approach to issues such as inheritance, innovation, security, and government obligations within the industry. Despite the country's ban on cryptocurrencies, it acknowledges the continued importance of the emerging Web3 industry, including focus areas like NFTs and distributed applications (dApps). Multiple Web3 initiatives have already been instigated in China, such as policy documents and pilot programs involving blockchain in various sectors. The new strategy will also encourage the development of new business models and the innovative application of Web3 technologies.
