China Vows to Clarify Web3, NFT Development Path
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China plans to release a Web3 strategy document to clarify the path forward for the industry,The strategy document would handle the issues of inheritance, innovation, security and government obligations, the department, along with the Chinese Academy of Sciences, and the China Association for Science and Technology, said. Plus, the ministry plans to strengthen interaction between relevant departments to promote Web3 innovation, deploy further research and strengthen talent in the industry. Despite China’s ban on crypto, its citizens have still been turning to non-fungible tokens (NFTs) and the Ministry of Science and Technology said it places “great importance to the development of Web3 industry.” Already a number of Web3 initiatives have taken place in China. The technology ministry, along with the Cyberspace Administration of China, has released a series of policy documents such as the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” and the “Blockchain Information Service Management Regulations.”. Plus, the Cyberspace Administration of China, the Propaganda Department of the Central Committee.