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    China Spurs NFT and Dapp Growth Amid Crypto

    The Ministry of Industry and Information Technology in China has published a comprehensive report, detailing what they are doing right now to promote Web3 and related technologies. These include the metaverse, non-fungible tokens (NFTs), and decentralized applications (apps).

    Sitting member of the National Committee of the Chinese People’s Political Consultative Conference Wu Jiezhuang, who proposed this idea last year has recently received a corresponding document in response.

    Working together with the Chinese Academy of Sciences and the China Association for Science and Technology, this Ministry has carefully examined Wu’s ‘Proposal on Accelerating Web3 Industry Development.’

    Wu’s recommendations have been deemed congruent with the Ministry’s objectives, given their significant emphasis on the advancement of the Web3 industry.

    The Ministry made a special note of China’s strengths in the field of Web3 development, recognizing its strong industrial base and wide range of growth opportunities.

    Fostering NFTs and Metaverse

    Despite the 2021 comprehensive ban on cryptocurrencies, the country has implemented several measures to demonstrate its support for the industry. These actions were clearly articulated in the response, highlighting the proactive approach taken by the country.

    To begin with, the Ministry and the Cyberspace Administration of China have jointly put forth a set of regulations, encompassing the Guiding Opinions on Enhancing the Utilization and Advancement of Blockchain Technology across Industries.

    In addition, the collaboration between the Ministry and the National Standardization Committee led to the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee. This committee aims to create a conducive atmosphere for the development of Web3 using blockchain technology.

    Research organizations are actively delving into the realm of Web3 technologies, investigating the potential of metaverse platforms and non-fungible tokens (NFTs).

    In addition, the Ministry also assists in the creation of various data organizations, such as the Beijing International Big Data Exchange and the Shanghai Data Exchange. These institutions serve as experimental platforms for testing different applications.

    In conclusion, the nation has forged alliances with global entities to form collaborative teams aimed at constructing international norms and regulations, as well as those that pertain to its territory.

    Four Future Steps

    The Ministry acknowledges Wu’s proposals and commits to fostering partnerships with pertinent agencies to propel Web3 innovation and ensure the advancement of a top-tier industrial landscape.

    The path ahead was clearly defined, with four distinct steps leading the way.

    Begin by enhancing the exploration of Web3, thereby establishing an elaborate blueprint for its advancement and outlining a well-defined framework for its utilization.

    The second priority lies in bolstering technological inquiry and oversight, to uplift businesses, universities, and research institutions in attaining advancements in pivotal domains such as cross-chain technology, privacy computing, smart contracts, and more.

    Third: Engage in global exchanges and collaboration. The Ministry, along with associated stakeholders, will closely monitor the most recent developments in the realm of Web3 within the global political, industrial, scholarly, and research domains.

    Fourthly, the Ministry endeavours to enhance its visibility and advertising efforts. Focused on enhancing public comprehension regarding Web3, the Ministry will engage in the promotion of application pilots such as distributed digital identity (DID), as well as form demonstration projects. Additionally, the Ministry seeks to establish a technology and industrial application exchange platform, along with various other ventures.

    Frequently Asked Questions:

    What is the reason behind the prioritization of Web3 development, NFTs, and Dapps by China’s Ministry of Industry and Information Technology?

    The strategic vision of the Ministry is to drive the progression of Web3 and its associated technologies. The Ministry acknowledges the importance of fostering the growth of the Web3 industry and how it aligns with the recommendations put forth by Wu Jiezhuang, an esteemed member of the Chinese People’s Political Consultative Conference’s National Committee.

    China’s stance on cryptocurrencies may have been classified as a ban in 2021; however, the nation has found alternative avenues to foster the growth of the Web3 industry. Can you elaborate on China’s strategies to support the advancement of this sector?

    The Ministry has effectively joined forces with various entities to enact policies, form committees, and back research institutions. Notably, they have enforced policies such as the Guiding Opinions on Facilitating the Adoption of Blockchain Technology, formed committees to establish standards, and actively promoted research on emerging technologies like metaverse and NFTs within the realm of Web3.

    How has China facilitated the expansion of NFT and metaverse development?

    China has successfully created data organizations such as the Beijing International Big Data Exchange and the Shanghai Data Exchange, where innovative applications are put to the test. Moreover, in collaboration with international entities, the nation has established working committees to establish worldwide and local regulations for these advancements.

    What are the upcoming actions set forth by the Ministry in reaction to Wu’s proposals?

    The Ministry intends to boost partnerships, enhance Web3 research, devise a growth plan, and define usage patterns. Additionally, it seeks to elevate technical research and oversight, facilitate global exchanges and cooperation, and intensify awareness and marketing efforts to enhance public comprehension of Web3.

    Raises the inquiry of the Ministry’s strategy to foster innovative growth in Web3 and drive the advancement of high-quality industrial development.

    The Ministry aims to enhance Web3 research by partnering with appropriate governmental entities, thereby devising a comprehensive development strategy. Additionally, the Ministry will bolster technical research and supervision and foster international collaborations. To create awareness, the Ministry will promote application pilots such as distributed digital identity (DID) and establish demonstration projects.

    In what manner does the Ministry intend to back advancements in crucial technologies within the Web3 sector?

    The primary objective of the Ministry is to enhance technical research and oversight to facilitate advancements in fundamental technologies crucial for enterprises, universities, and research institutions. These technologies encompass domains like cross-chain technology, privacy computing, and smart contracts.

    How significant is China’s reliance on international collaborations when it comes to its strategy regarding the development of Web3?

    China’s Web3 strategy is significantly reliant on international partnerships. The Ministry, together with various stakeholders, diligently monitors global Web3 advancements within political, industrial, academic, and research realms. This proactive involvement facilitates the sharing of insights, knowledge, and standards, thereby playing a vital role in the worldwide progress of Web3 technologies.

    Credit: https://dashnews.org/wp-content/uploads/2019/10/China-Launches-Blockchain-Push-Growing-Country%E2%80%99s-Worrying-Influence-Over-Cryptocurrency.jpg

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