Major news coming from China, and a massive sign that the Chinese government is falling head over heels for blockchain. The Ministry of Science and Technology, the Chinese Academy of Sciences and the China Association of Science and Technology, all responded positively to a proposal for promoting the development of the Web3 Industry in China.
They went over what exactly they are doing right now for crypto and what they plan on doing in the future. We are going to break it down into smaller parts to further comprehend the proposal.
The progress they have made so far for crypto in China right now is firstly the policy environment — by implementing policies like guiding opinions on accelerating the application of blockchain technology and industrial development to foster a very caretaking environment for Web3 based on blockchain technologies.
They continued deepening their research into the technology by carrying out research on related emerging concepts such as Web3, metaverse, and NFTs. And they also explored the implementation parts and applications of blockchain such as “decentralized identity management” in which the Chinese government seems to be very interested in.
Accelerate Application Cultivation
They also tried to accelerate application cultivation focused on digital collection in the metaverse space and other related products, striving to seize opportunities in the digitization process.
And on top of that, the Cyberspace Administration of China, together with the Propaganda Department of the Central Committee, the Supreme People’s Court and other departments, organized and carried out national blockchain innovative application pilot actions.
Blockchain Development Standardization
They also tried to standardize blockchain development by promoting the establishment of the “National Blockchain and Distributed Accounting Technology Standardization Technical Committee,” and this basically will promote the release of the first domestic national standard in the field of blockchain technology, which should also just help in general development.
Consideration For Next Steps
But here is where things get very interesting. This is what the Chinese government is considering doing in the future — they want to create a Web3 development strategy, aligning with national conditions focusing on government, industry, NFTs and decentralized applications (DApps).
Second, they want to also start promoting cryptocurrencies more in universities and in the education sector to strengthen technical research and supervision.
They then want to start collaborating with international exchanges and corporations to closely follow the latest trends in Web3 from international, political, industry, academic and research circles.
And lastly, they want to increase the publicity and promotion of blockchain technology, and they are going to do this by using their media.
In my opinion, this is a very good sign that China is warming up to the idea of blockchain technology and Web3. However, I would like to mention that in this entire document, they did not actually mention any of the top cryptocurrencies we commonly use such as Bitcoin and Ethereum. So, it is possible maybe they are going to come out with their own blockchain ecosystem — blockchains that are controlled by the Chinese government, but this is only speculation. But either way, this is a step in the right direction for them.