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China Plans Comprehensive Strategy to Promote Web3 Ecosystem

Government Initiatives Seek to Support Technology Adoption and Strengthen Governance

The Chinese government has revealed plans to support the growth of Web3 technologies like NFTs, decentralized apps (DApps), and smart contracts through a new strategic document currently being drafted.

The Letter from China’s Ministry of Industry and Information Technology outlines an ambition to create a comprehensive Web3 ecosystem through measures like:

  • Strengthening technical research and supervision in Web3
  • Prioritizing blockchain security and data protection
  • Exploring technology convergence with alliance chains
  • Participating in global Web3 standardization
  • Enhancing public awareness of distributed digital identities and assets
  • Supporting academic progress and technological achievements

The move comes in response to a proposal on Web3 industry development that received positive feedback. Several Web3 applications are already in use across sectors like healthcare, education, energy, and trade finance in China.

The government aims to balance support for the nascent Web3 sector with strengthened supervision and governance. China has already established a national Web3 standardization committee and released its first domestic standard on blockchain architecture.

There is growing interest in Web3, metaverse and NFT technologies within China. Independent alliance chain platforms like Changan Chain and Ant Chain have emerged.

The government also revealed plans to use blockchain for real-name identity verification of its citizens. The RealDID initiative will assign decentralized identities to users while keeping personal and transaction data separate.

Key Takeaways

  • China seeks to cultivate a robust Web3 ecosystem through regulatory support and strategic initiatives.
  • The government aims to strengthen Web3 governance while supporting technology adoption and progress.
  • China has made progress in Web3 standardization and issued its first domestic blockchain standard.
  • There is growing interest in Web3 concepts within China and rising adoption across sectors.
  • The government also intends to deploy blockchain for citizen identity verification.
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