China is helping web3 but keeps power with the state. People are worried about the digital yuan, even though tech giants and developers are making progress.
China’s Ministry of Science and Technology Yin Hejun says that the Chinese government cares a lot about developing the Web3 industry. He made this announcement in a written response to the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) proposal.
“The plans to support and develop Web3 technology, oversee technology, work with other countries, and promote these efforts are smart and fit well with the Ministry’s main goals. ”
The document says that China has a strong industry and lots of potential for developing Web3. This includes support from the government, research on technology, and using it in real life. The document talks about rules for using blockchain technology and trying out new ideas in different areas, like trade and patents.
Big Chinese tech companies like Ant Group, Baidu, and Huawei show how important the consortium is in this industry. Additionally, China says that more than 50,000 developers are working on the government-backed blockchain Chang’an Chain.
The government has made rules to make it faster for companies to start using blockchain. Local programs in Beijing and Shanghai are working to encourage and support new ideas and innovation in Web3 technology. Authorities are taking advantage of opportunities in this new area by giving a helpful setting with rules, groups, and focused projects.
China now allows the use of Web3 technologies, which is a change from before when it prohibited cryptocurrency and stopped mining operations. Still, people are worried about the digital currency from China’s central bank, the digital yuan. Although it is seen as an advanced way to pay for things, the digital yuan allows the government to watch and control people in a way that has never been possible before.