China’s Ministry of Industry Aims to Foster NFT and Dapp Growth Despite Crypto Ban
China’s Ministry of Industry and Information Technology has published a document outlining its current and future work on developing Web3 and related technologies, including metaverse, non-fungible tokens (NFTs), and decentralized apps (dapps).
The document is a response to a proposal by Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference.
The Ministry examined Wu’s ‘Proposal on Promoting the Development of Web3 Industry,’ along with the Chinese Academy of Sciences and the China Association for Science and Technology.
They concluded that Wu’s suggestions align with the Ministry’s direction, as the latter “attaches great importance” to the Web3 industry development.
According to the response,
“Your suggestions on strengthening resource support for Web3.0 technology research and development, strengthening technical supervision and management, encouraging international cooperation, and strengthening publicity and promotion are forward-looking and strategic, and are highly consistent with the key tasks of our ministry.”
In particular, the Ministry acknowledged China’s advantages in developing Web3, including proper industrial foundation and broad development space.
The response outlined several steps the country has already taken to support the industry. Notably, this comes despite the 2021 blanket crypto ban.
Firstly, the Ministry and the Cyberspace Administration of China have issued a series of policies, including the Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development.
Also, the National Standardization Committee worked with the Ministry to establish the National Blockchain and Distributed Accounting Technology Standardization
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