- The official strategy document would regulate issues such as innovation, inheritance, security and government obligations
- The ministry also announced plans to improve the interaction between its different departments
The Chinese Ministry of Science and Technology announced on Tuesday that it planned to release a Web3 strategy document to make the path forward clearer for the industry, CoinDesk wrote.
The official strategy document would regulate issues such as innovation, inheritance, security and government obligations according to the ministry. The document is the product of cooperation between the ministry, the Chinese Academy of Sciences, and the China Association for Science and Technology.
Cooperation between institutions will improve
The ministry also announced plans to improve the interaction between its different departments and external partners with the goals to work on further research, promote Web3 innovation, and strengthen talent in the industry. The ministry added it placed great focus on Web3 industry development.
NFTs remain popular in China
The Chinese government banned crypto in 2021, but residents and citizens remained active in the NFT sector. That same year, McDonald’s China released anNFTto mark its 31stanniversary of penetrating the mainland China market and the official opening of its new headquarters building on the west bank of Shanghai. The NFT was titled Big Mac Rubik’s Cube.
The future of the burgeoning sector
China has already seen several successful Web3 initiatives. The Ministry of Technology and the Cyberspace Administration of China released a series of policy documents, such as the “Blockchain Information Service Management Regulations.”
The Supreme People’s Court, the Cyberspace Administration, and the Central Committee’s Propaganda Department have taken blockchain pilot actions that were relevant for trade, finance, copyright, and energy according to the ministry’s statement.
In the future, China’s Web3 strategy will focus on key areas such as industry and government affairs, speed up innovative Web3 applications, encourage NFT development and the development of new business models, and accelerate the development of a digital ecosystem.
Contributors
