China to Formulate Strategy for NFT, Decentralized App Growth
China’s Ministry of Industry and Information Technology has announced plans to focus on the development of non-fungible tokens (NFTs) and decentralized applications (DApps), signaling a significant push in blockchain technology.
This move comes despite the country’s ongoing ban on cryptocurrency trading. The announcement, made in a recent document release, highlights the ministry’s intent to formulate specific strategy documents to guide the growth of these technologies within China’s tech landscape.
China Prioritizes NFT and DApp Development Amid Crypto Trading Ban
China is set to bolster the development of non-fungible tokens (NFTs) and decentralized applications (DApps). This initiative is spearheaded by the Ministry of Industry and Information Technology, which has outlined plans for creating strategy documents dedicated to shaping the future of Web3 in the country. This development comes despite China’s strict stance against cryptocurrency trading.
The ministry’s strategy emphasizes key areas such as governance and industry. It aims to foster new business models, particularly focusing on NFTs and DApps. The goal is to accelerate innovative applications and build a robust digital ecosystem aligned with the emerging Web 3.0 paradigm.
These plans were detailed in a recent document release responding to queries from Johnny Ng, a member of the CPPCC National Committee, China’s top political advisory body. The central government’s commitment to this strategy marks a significant step in integrating advanced blockchain technologies into China’s digital infrastructure.
China Expands Web3 Initiatives with Pilot Projects and Metaverse Development
The Ministry of Industry and Information Technology in China is taking further steps in its web3 strategy by initiating pilot projects focused on distributed digital identity. These pilots aim to explore and refine digital identity authentication and management within the framework of web3.
In addition to the ministry’s efforts, several local governments in China have shown a strong commitment to developing the metaverse industry. Notably, the southwestern province of Sichuan, once known as a hub for crypto mining, has set ambitious goals for its metaverse sector.
The province plans to expand its metaverse industry to reach a market size of 250 billion yuan (approximately $35.1 billion) by 2025. This initiative follows the country’s ban on crypto mining but demonstrates a continued interest in the broader possibilities of blockchain technology.
The focus on web3 and the metaverse comes in the context of China’s ban on crypto trading on the mainland, which was implemented in September 2021. Despite this ban, the trading of locally produced non-fungible tokens (NFTs) has continued, albeit in a regulatory gray area.
China Launches National-Level Real-Name Decentralized Identifier System
To enhance personal data security and digital identity management, China has launched a national-level real-name decentralized identifier system. This initiative, spearheaded by the state-backed Blockchain-based Service Network (BSN) China, supports the research efforts of the Ministry of Public Security’s research institute. The new system, dubbed “China RealDID,” is seen as an advancement of Anicert’s Cyber Trusted Identity.
The launch of China RealDID represents a major step in the realm of personal data protection. This system enables users to register or log into commercial websites using their decentralized identifier (DID) addresses and private keys. This development reflects China’s commitment to incorporating blockchain technology into various aspects of digital governance and public service.
Despite the country’s strict ban on cryptocurrencies, this latest advancement highlights China’s continued progress and innovation in blockchain technology. The introduction of the Real-Name Decentralized Identifier system is particularly noteworthy, as it brings a new level of security and efficiency to the Web3 domain.
BSN, being the developer of China’s national blockchain infrastructure, plays a crucial role in these pioneering efforts, setting a precedent in the integration of blockchain with traditional digital identity systems.
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