After bashing crypto from time to time, China plans to encourage the development of NFTs and decentralized applications (dApps) despite the cryptocurrency ban within the country.
According to the official release from the government ministry, the Chinese Ministry of Industry and Information Technology (MIIT) has proposed plans for strategic outlining to boost blockchain developments and Web3 applications.
The document addressed the inquiry made by Johnny Ng, a member of the country’s top political advisory board, the CPPCC National Committee.
As mainstream cryptocurrency use cases are banned on the mainland, the proposed plans include blockchain-based application developments in areas such as the government and industry sectors.
The MIIT said that it plans to launch project pilots for distributed digital identity (DID) in order to explore digital identity authentication for the public.
China has banned crypto with the People’s Bank of China declaring in September 2021 that all cryptocurrency transactions will be illegal.
The latest move regarding blockchain and Web3 developments from the Chinese government has come after several state governments launched novel developments on top of blockchain technology.
As such, China’s Ministry of Public Security recently launched the RealDID platform while employing a public identity verification application.
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