While maintaining a cautious stance on cryptocurrencies, particularly Bitcoin, China has been actively exploring and developing Web3 technologies. The Ministry of Industry and Information Technology (MIIT), responsible for overseeing the telecommunications and information technology sector, has outlined its Web3 strategy. The key points include boosting research and development, formulating a national strategy, improving technical research and supervision frameworks, collaborating with international actors, monitoring global developments, and increasing public awareness efforts.
In response to a proposal from the 14th CPPCC National Committee, MIIT’s publication focused on areas such as metaverse and non-fungible tokens (NFTs), particularly decentralized identity management and virtual digital people. The ministry emphasized the promotion of application pilots for distributed digital identity (DID) and hinted at collaboration between the public and private sectors.
The document reflects China’s approach of balancing “inheritance and innovation, development and security, government and market, and supply and demand.” This aligns with China’s strategy of exploring blockchain opportunities while maintaining tight oversight, as demonstrated by its aggressive measures against crypto and AI fraud in 2023. Notably, the document avoids explicit references to cryptocurrencies, in line with China’s historical skepticism and regulatory measures against crypto trading and Bitcoin restrictions.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}