China's Bold Drive in Fostering NFTs and Decentralised Apps Against the Crypto Trading Ban

Hui Xin

2023/12/21 10:22

China Fosters NFT & Decentralised Application

The Chinese central government stated that it will formulate a strategic document for the development of Web 3.0, encourage the development of NFT and distributed applications (DApp), focus on promoting cross-chain, privacy computing, smart contracts and other technical fields,…
— Wu Blockchain (@WuBlockchain) December 20, 2023

In a recent document release, China's Ministry of Industry and Information Technology has expressed its commitment to fostering the growth of non-fungible tokens (NFTs) and decentralized applications.

This marks a continued embrace of blockchain technology despite the prevailing cryptocurrency ban.

The central government, Johnny Ng, a member of the CPPCC National Committee, said in the document:

"The emphasis will be on key areas such as governance and industry, with encouragement for the exploration of new business models like NFTs and decentralized applications, expediting innovative applications and the construction of a digital ecosystem for Web 3.0,"

2023年12月19日，中央工業和信息化部 (工信部)公開了本人在兩會期間關於國家推動Web3.0技術提案的回覆。本人就加強Web3.0 技術研發、建立標準和培養人才等幾方面提岀意見，中央部委表示正面、積極、開放態度推動相關應用和技術。從部委的回覆中，本人對Web3.0在国家和香港層面發展的看法如下：

1.… pic.twitter.com/fPMJ5w84u9
— Johnny Ng 吴杰庄 (@Johnny_nkc) December 20, 2023

This initiative underscores the encouragement for innovative applications and the establishment of a digital ecosystem for Web 3.0.

The Ministry disclosed plans to initiate pilots related to distributed digital identity, aiming to delve into Web3 digital identity authentication and management.

Metaverse Industry Growth

Notably, this move follows earlier commitments by various local governments to develop the metaverse industry, with Sichuan province pledging to grow its metaverse sector to a market size of 250 billion yuan ($35.1 billion) by 2025.

China's Sichuan Province Aims to Grow Metaverse Industry by $34.4 Billion by 2025

Sichuan is investing heavily in metaverse development, aiming to grow this new industry by 250 billion yuan ($34.4 billion) by 2025.

Read more: https://t.co/HXCMmCXL8M #NFT #NFTs pic.twitter.com/cKYOFHYS0l
— Nefete (@NefeteNews) August 18, 2023

Navigating Regulatory Challenges

Nineteen months after China banned crypto, more signs have emerged that its citizens flout the prohibition and continue to buy and sell digital assets https://t.co/o4dNvHVRNi
— Bloomberg (@business) May 7, 2023

Despite the mainland crypto trading ban in September 2021, China has persisted in trading home-grown NFTs, navigating a regulatory gray area.

Recently, the state-backed Blockchain-based Service Network China launched a national-level real-name decentralised identifier system, known as China RealDID, in collaboration with the Ministry of Public Security research institute.

Described as an extension of Anicert's Cyber Trusted Identity, China RealDID allows users to register or log into commercial websites using their decentralised identifier (DID) addresses and private keys.

The system's launch is deemed a bold step in personal data protection, showcasing China's advancements in blockchain technology, particularly in pioneering real-name decentralised identifiers within the Web3 domain.

China’s state-backed #Blockchain-based Service Network (BSN) and the Ministry of Public Security’s First Research Institute together #launched the Real-Name #Decentralised Identifier #RealDID system on Tuesday https://t.co/x6ZhrFQYdm
— Digital Startup (@digitalstartup5) December 14, 2023

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