- China has unveiled a new framework to advance web3 adoption and growth within the country, focusing on areas like research, mapping development, and oversight.
- The framework aims to position China for a substantial stake in the emerging web3 industry while maintaining control.
- China is also piloting a digital identity service called RealDID that provides anonymity while enabling real-name verification, meeting digital economy needs.
China has unveiled its strategy to advance web3 adoption and growth within the country, encompassing NFT and dApp development through a new framework. This indicates China’s selective embrace of blockchain technology for innovation.
China’s Web3 Development Strategy
The framework targets four key areas to bolster China’s web3 strategy:
- Research tailored to China’s conditions
- Mapping the developmental trajectory
- Addressing innovation and legacy matters
- Improving technical research and oversight
Furthermore, China’s plans involve collaborating with international stakeholders, enhancing visibility of the technology, and applying web3 effectively. This focused approach could position China for a substantial stake in the emerging web3 industry.
RealDID Digital Identity Initiative
In a parallel move, China is piloting a new digital identity service called RealDID. It aims to meet digital economy demands while ensuring user anonymity and real-name verification.
Conclusion
Through its web3 framework and digital identity initiative, China is pursuing targeted integration of blockchain technology. The country seems intent on leveraging web3 for innovation while maintaining control. It remains to be seen how significantly China will shape the emerging industry.
