Is China (finally) opening up to the crypto revolution? Despite the restrictions, the Chinese government supports the development of the Web3 industry. With more than 50,000 developers working on China’s state blockchain platform, Chang’an Chain, the country is affirming its commitment to this innovation. It appears the Middle Kingdom is starting to embrace crypto despite the crackdowns.
Increased interest in crypto and web3
Yin Hejun, Chinese Minister of Science and Technology, responded to the proposal of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC). He states in his written response that China attaches great importance to the development of Web3 and crypto industry. The CPPCC proposal focuses on strengthening resource support for research and development of Web3 technology and crypto. It also includes the supervision and management of technology as well as the encouragement of international cooperation in the crypto field.
The ministry believes that these proposals are “looking to the future, strategic and highly compatible with the work of the ministry”. The document recognizes, moreover, China’s solid industrial base and its vast potential in Web3 and crypto. It includes official guidelines on blockchain technology and pilot projects innovation in this area.
China ready to adopt blockchain
Large Chinese technology companies like Ant Group, Huawei and Baidu play a vital role in this sector. Moreover, China declared that it had engaged more than 50,000 developers to work on the Chang’an Chain blockchain. This is the blockchain platform backed by the government of the Middle Kingdom. Relevant government agencies have already implemented policies and standards to accelerate blockchain adoption.
This initiative marks a change from China’s previous position. Indeed, the country had banned crypto and punished mining activities. Additionally, concerns persist regarding the People’s Bank of China’s (CBDC) digital currency, the digital yuan. This would allow the authorities to exercise unprecedented surveillance and control over populations.
With its commitment to blockchain, the Asian giant seems to be entering a significant turning point. Which suggests a future where crypto could play a major role in its technological and financial landscape.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
