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Despite the Ban on Crypto Trading, China Commits to Enhancing NFT and Decentralized Application Development

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The industry ministry of China announced that it will create strategy documents to support the development of decentralized apps and NFT.

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Despite a ban on cryptocurrencies, China plans to promote the creation of decentralized applications and non-fungible tokens as the nation embraces blockchain technology. In a document made public on Tuesday, the Ministry of Industry and Information Technology stated that it intends to create strategy documents outlining the web3’s future route.

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“The focus will be on important domains like industry and governance, with motivation for investigating novel business models like NFTs and decentralized apps, accelerating inventive applications, and building a digital ecosystem for Web 3.0,” the central government stated in the document, which was prepared in response to questions from Johnny Ng, a member of the CPPCC National Committee, the nation’s highest political advisory council.

The ministry further stated that in order to investigate web3 digital identity management and authentication, it intends to start distributed digital identity pilot programs.

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Following numerous local governments’ earlier this year commitments to expand the metaverse business, the central government has now expressed support for web3 development. Prior to the nation’s mining prohibition, Sichuan, a province in southwest China, was a center for cryptocurrency mining. The province announced in August that it intends to expand the metaverse business to a market size of 250 billion yuan ($35.1 billion) by 2025.

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Although mainland cryptocurrency trading was outlawed in China in September 2021, domestic NFT trade continued, although in a legally murky region.

Real-name DID

In support of the nation’s Ministry of Public Security research center, state-backed Blockchain-based Service Network China introduced a national real-name decentralized identifier system earlier this month.

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According to a statement from BSN, “China RealDID is viewed as an extension of Anicert’s Cyber Trusted Identity,” and the system launch represents a “bold step in personal data protection.” According to the announcement, users can utilize the system to register or log into a commercial website using their private keys and DID addresses.

China’s national blockchain infrastructure provider, BSN, stated that “despite its ban on cryptocurrencies, its progress in blockchain technology is noteworthy, particularly in pioneering the Real-Name Decentralized Identifier to the Web3 domain.”


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