Despite Crypto Ban, China is Actively Promoting Web3 Development

China has been known for its strict stance on cryptocurrencies, with the government banning initial coin offerings (ICOs) and shutting down cryptocurrency exchanges in 2017. However, despite this ban, China is actively promoting the development of Web3 technologies, which include blockchain, decentralized applications (dApps), and other decentralized technologies.

Web3 technologies are seen as the next evolution of the internet, where users have more control over their data and can interact with each other without relying on centralized intermediaries. This is in contrast to Web2 technologies, which are dominated by large tech companies that control user data and monetize it through targeted advertising.

China’s interest in Web3 technologies can be seen in its recent push to develop a national blockchain infrastructure. In 2019, President Xi Jinping called for China to accelerate the development of blockchain technology, stating that it was a “breakthrough” technology that could have a significant impact on the economy and society.

Since then, China has launched several initiatives to promote blockchain development, including the Blockchain-based Service Network (BSN), which aims to provide a low-cost and easy-to-use platform for developers to build and deploy blockchain applications. The BSN has already attracted over 100 public and private partners, including major tech companies like Huawei and Tencent.

In addition to blockchain, China is also promoting the development of dApps and other decentralized technologies. In 2020, the government launched a pilot program to test the use of digital yuan, a central bank digital currency (CBDC), in four cities. The digital yuan is designed to be a decentralized currency that can be used without relying on traditional financial institutions.

China is also home to several prominent Web3 projects, including NEO, a blockchain platform that aims to create a smart economy by integrating digital assets, digital identity, and smart contracts. Other notable projects include Ontology, a high-performance public blockchain that focuses on identity and data management, and VeChain, a blockchain platform that specializes in supply chain management and anti-counterfeiting.

Despite its strict stance on cryptocurrencies, China’s interest in Web3 technologies is a sign that the country recognizes the potential of decentralized technologies to transform the economy and society. By promoting the development of blockchain, dApps, and other decentralized technologies, China is positioning itself as a leader in the Web3 space and laying the foundation for a more decentralized future.

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• Source: https://zephyrnet.com/china-pushing-for-web3-development-despite-outright-crypto-ban/