China’s Ministry of Industry Aims to Foster NFT and Dapp Growth Despite Crypto Ban China’s Ministry of Industry and Information
Technology has published a document outlining its current and future work on developing Web3 and related technologies, including metaverse, non-fungible tokens (NFTs), and decentralized apps
(dapps). The document is a response to a proposal by Wu
Jiezhuang, a member of the National Committee of the
Chinese People’s Political Consultative Conference. The Ministry examined Wu’s ‘Proposal on Promoting the Development of Web3 Industry,’ along with the Chinese Academy of Sciences and the China Association for Science and
Technology. They concluded that Wu’s suggestions align with the Ministry’s direction, as the latter “attaches great importance” to the Web3 industry development. In particular, the
Ministry acknowledged China’s advantages in developing Web3, including proper industrial foundation and broad
development space. Firstly, the Ministry and the
Cyberspace Administration of China have issued a series of policies, including the Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial
Development.
