China to Craft a Document for Web3 Development Involving NFTs, DApps, Cross-Chain, and Privacy Computing

cryptonews.com:

The Chinese central government has revealed plans to create a strategic document to guide the development of China’s Web3 ecosystem. 

The document will support the growth of Web3 technologies such as non-fungible tokens (NFTs) and decentralized applications (DApps), according to a  letter  from China’s Ministry of Industry and Information Technology.

Other key areas of focus will include cross-chain interoperability, privacy computing, and smart contracts. 

The letter comes after the government received a proposal on Web3 industry development, which received positive responses from key entities.

According to the letter, the government plans to strengthen technical research and supervision, supporting research institutions in exploring cross-chain interoperability, privacy computing, and smart contracts. 

Furthermore, it would prioritize blockchain security, supervision, and governance, as well as the exploration of alliance chain technology convergence and improved data security.

It also aims to foster international exchanges and cooperation, with active participation in global standardization activities related to Web3. 

The goal is to increase China’s international influence and rule-making power in Web3 development.

In order to enhance public understanding of Web3 technologies, the government will leverage science popularization platforms to promote awareness of distributed digital identity and digital asset management. ‘

It will actively support academic progress and technological achievements to drive innovation in the Web 3.0 industry.

China has been deploying Web3 applications across various sectors, including healthcare, education, and tourism. 

The government, in collaboration with different