China Promises To Speed Up Development Of NFT And Decentralized Applications Despite Ban On Cryptocurrency Trading

China is set to encourage the development of non-fungible tokens and decentralized applications as the country continues to use blockchain technology despite its ban on cryptocurrencies. The Ministry of Industry and Information Technology said in a document published on Tuesday that it plans to formulate strategy documents to clarify the path forward for Web3.

The central government in the report stated:

“The emphasis will be on key areas such as governance and industry, with encouragement for the exploration of new business models like NFTs and decentralized applications, expediting innovative applications and the construction of a digital ecosystem for Web 3.0.”

The ministry added that it plans to launch distributed digital identity-related pilot projects to explore Web3 digital identity authentication and management. The latest central government encouragement to develop Web3 comes after several local governments pledged to develop the metaverse industry earlier this year.

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