China’s push aids web3 goals yet centers power with state; concerns persist around digital yuan despite tech giant and developer momentum.
China’s Ministry of Science and Technology Yin Hejun has announced through a written response to the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) proposal that the Chinese government attaches great importance to developing the Web3 industry.
He stated:
“The proposals on strengthening resource support for Web3 technology research and development, strengthening technology supervision and management, encouraging international cooperation, and strengthening publicity and promotion are forward-looking and strategic and highly compatible with the key work of the Ministry.”
The document acknowledges China’s robust industrial foundation and extensive development potential for Web3, encompassing policy support, technical research, and real-world applications. Official guidelines on blockchain technology and blockchain innovation pilots exploring various use cases, from trade finance to intellectual property, are cited in the document.
Leading Chinese tech companies such as Ant Group, Baidu, and Huawei demonstrate the consortium’s critical role in this sector. Furthermore, according to China, over 50,000 developers are engaged with the state-supported blockchain Chang’an Chain.
The Ministry of Science and Technology and other government bodies have introduced policies and standards to accelerate the adoption of blockchain. Local programs in Beijing and Shanghai also aim to cultivate Web3 innovation. Authorities are seizing opportunities in this emerging field by providing a supportive environment through guidelines, committees, and targeted initiatives.
China’s embrace of Web3 technologies marks a shift from its previous position of banning crypto and cracking down on mining operations. However, concerns persist around the Chinese central bank’s digital currency (CBDC), the digital yuan. While positioned as an advanced payment mechanism, the digital yuan allows unprecedented surveillance and control by authorities.
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