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


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

Stay in the know on crypto by frequently visiting Crypto News Today

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.


“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.


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.

CryptoCaster Quick Check:

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.

Follow GappyCoin PreSale on Twitter, and ReCap for information and more.

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.”

CryptoCaster™ steadfastly upholds its dedication to keeping our global audience well-informed about the ongoing adoption of blockchain technology, as well as the latest hurdles emerging from government-controlled fiat financial systems, banking conglomerates, and other major institutional entities. Our commitment extends to providing comprehensive updates and insights into how these developments affect the broader landscape of digital currencies, the potential regulatory impacts on blockchain innovations, and the evolving dynamics between traditional financial institutions and emerging cryptocurrency markets. By staying at the forefront of these critical issues, CryptoCaster™ aims to empower our audience with the knowledge needed to navigate the complex interplay of technology, regulation, and finance in the modern world. CRYPTOCASTER® - DECENTRALIZED FREEDOM! 

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like