The strategy document would look into the issues of inheritance, innovation, security and government obligations, along with the Chinese Academy of Sciences, and the China Association for Science and Technology

China plans to release a Web3 strategy document to clarify the path forward for the industry, the Ministry of Science and Technology said in a response released on Tuesday.

The strategy document would look into the issues of inheritance, innovation, security and government obligations, along with the Chinese Academy of Sciences, and the China Association for Science and Technology.

Additionally, the ministry plans to strengthen interaction between relevant departments to promote Web3 innovation, deploy further research and strengthen talent in the industry.

In spite of China’s ban on crypto, its citizens have still been turning to NFTs and the Ministry of Science and Technology said it places “great importance to the development of Web3 industry.”

Already several Web3 initiatives have taken place in China. The technology ministry, together with the Cyberspace Administration of China, has released a number of policy documents like the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” and the “Blockchain Information Service Management Regulations.”

Moreover, the Cyberspace Administration of China, the Propaganda Department of the Central Committee, the Supreme People’s Court and other departments carried out blockchain pilot actions that were relevant for fields such as energy, rule of law, copyright, and trade finance, the response stated.

Moving forward, China’s Web3 strategy would “focus on vital areas like government affairs and industry, support the development of new business models like non-fungible token and dApp, and quicken the innovative application of Web3 and the construction of a digital ecosystem, the response which was to Wu Jiezhuang, a member of the CPPCC National Committee, the country’s political advisory body,” said.