Chinese Government to Extend Support to Web3 Applications
The Chinese government, known for its cryptocurrency ban, is showing signs of easing its policy on decentralization. It has announced plans to support the development of the Web3 ecosystem, dApps, and NFTs. This new approach is detailed in a recent strategic planning document released by China’s Ministry of Industry and Information Technology.
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The Chinese government, known for its cryptocurrency ban, is showing signs of easing its policy on decentralization. It has announced plans to support the development of the Web3 ecosystem, dApps, and NFTs. This new approach is detailed in a recent strategic planning document released by China’s Ministry of Industry and Information Technology.
A key focus for the authorities is the advancement of digital identity systems using blockchain technology. Despite current legal ambiguities that obscure the future trajectory of China's crypto industry, these latest policy changes suggest a gradual relaxation in the government's attitude towards decentralized technologies.
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