China plans to boost the Web3 technological innovation and clarify the development plans through a four-step approach.
The Chinese market has a huge influence on the Web3 ecosystem. Multiple times, the decisions from China have moved the prices of crypto assets.
The Member of the CPPCC National Committee, Wu Jiezhuang, sent a “Proposal on Promoting the Development of Web3 Industry” to the relevant Chinese ministries. Later, the Ministry of Science and Technology, the Chinese Academy of Sciences, and the China Association for Science and Technology responded to Jiezhuang’s proposal, saying:
“In the next step, in response to your suggestions, our ministry will strengthen collaborative interaction with relevant departments to promote Web3.0 technological innovation and high-quality industrial development.”
The Ministries laid out a four-step plan for the promotion of Web3 Innovation:
- Improve the top-level design and strengthen the investigation and development of Web3.
- Strengthen technical research and supervision.
- Carry out International exchanges and cooperations.
- Increase technology publicity and promotion.
Broadly speaking, the ministries want to help the Web3 industry participants in the research and development of the technology. It also wants to encourage the development of non-fungible tokens (NFTs) and decentralized applications (dApps).
Read more: 6 Best NFT Marketplaces You Should Know in 2024
Various Chinese developments have previously crashed the crypto market, in a way marking the tops of the market. For instance, in May 2021, China banned financial institutions from participating in crypto services. Around the same months, it also launched a crackdown on the crypto mining industry.
Following such development, the market crashed nearly 50% to the $30,000 level in May 2021. Hence, a community member wrote on X (Twitter):
“Chinese govt is the best trader. They promote crypto at the bottom and FUD it at the top 🤦♂️.”
Read more: A Guide to Crypto Payrolls: Exploring Salary Payments in Web3
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