China plans to encourage the development of non-fungible tokens and decentralized applications as the country continues to use blockchain technology despite the ban on cryptocurrencies. The Ministry of Industry and Information Technology said in a document published on Tuesday that it plans to formulate strategy papers to clarify the way forward for Web3.
The central government stated in the report:
“The focus will be on key areas such as governance and industry, with encouragement for the exploration of new business models such as NFTs and decentralized applications, accelerating innovative applications and the construction of a digital ecosystem for Web 3.0.”
The ministry added that it plans to launch distributed digital identity-related pilot projects to explore Web3 digital identity authentication and management. The latest encouragement from the central government to develop Web3 comes after several local governments pledged earlier this year to develop the metaverse industry.
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