China’s Ministry of Industry and Information Technology (MIIT) has announced a comprehensive plan to support the growth of Web3 technologies. This initiative includes non-fungible tokens (NFTs) and decentralized applications (dApps). This approach is not just about adopting new technologies but also about creating a dynamic digital ecosystem that can support various aspects of the nation’s growth.
National Strategy for Web3 Development
The MIIT’s strategy focuses on integrating Web3 technologies into government and industry operations. The primary aim is to introduce innovative business models like NFTs and dApps, thus enhancing China’s digital landscape.
In order to follow such plans, the MIIT has joined forces with the Cyberspace Administration of China to launch critical policy documents, including the “Guiding Opinions on Accelerating Blockchain Technology Application and Industrial Development” and the “Regulations on Blockchain Information Services.”
Furthering this collaborative spirit, the National Standardization Committee and the MIIT have established the National Blockchain and Distributed Accounting Technology Standardization Technical Committee (TC590). This body is tasked with the standardization and promotion of blockchain technology, a key component of Web3 development.
China’s strategy is not just about embracing new technology but also about solving existing challenges in innovation and technology integration. This involves enhancing technical research, increasing regulatory oversight, and fostering international partnerships to elevate the global presence of Chinese Web3 technologies.
RealDID: A Step Towards Digital Identity
Lastly, in line with these developments, China is piloting RealDID, a digital identity service. RealDID is a strategic tool designed to balance user anonymity with real-name verification, addressing the unique demands of the digital economy. It’s a crucial element in China’s broader vision for a digitally empowered future.