China Enhances Focus On Web3 Development By Onboarding 50K Developers

More than 50,000 developers are actively involved in a local blockchain platform endorsed by the Chinese government. Yin Hejun, representing the Chinese Ministry of Science and Technology, communicated the significant commitment by the local government to advancing the Web3 industry in a written response to the National Committee of the Chinese People Political Consultative Conference (CPPCC) proposal.

China shifting to Web3

Yin emphasized that the suggestions related to enhancing resource support for Web3 technology research and development, fortifying technology supervision and management, promoting international cooperation, and intensifying publicity and promotion exhibit foresight and strategic alignment with the key priorities set forth by the Ministry.

The provided document recognizes the sturdy industrial base of China alongside its substantial potential for Web3, encompassing policy backing, technological exploration, and practical applications. The document highlights official directives on blockchain technology and ongoing innovation pilots exploring diverse applications, such as trade finance and intellectual property. Prominent Chinese technology enterprises like Ant Group, Baidu, and Huawei underscore the pivotal role of the consortium in this sector.

Advancement with a catch

To expedite blockchain adoption, the Ministry of Science and Technology, alongside other governmental entities, has introduced certain policies and standards. Local initiatives in Beijing and Shanghai specifically aim to nurture innovation within the Web3 sphere. Authorities are capitalizing on opportunities in this emerging field by creating a conducive environment through guidelines, committees, and targeted initiatives.

The embracing of Web3 technologies by China indicates a significant shift compared to its previous stance of prohibiting cryptocurrencies and cracking down on mining operations. Nonetheless, concerns linger around the Chinese CBDC, the digital Yuan, which, while positioned as an advanced payment mechanism, enables unprecedented surveillance and control by authorities.