China Promises To Speed Up Development Of NFT And Decentralized Applications Despite Ban On Cryptocurrency Trading
China is about to encourage the event of non-fungible tokens and decentralized functions because the nation continues to make use of blockchain know-how regardless of its ban on cryptocurrencies. The Ministry of Business and Data Know-how mentioned in a doc revealed on Tuesday that it plans to formulate technique paperwork to make clear the trail ahead for Web3.
The central authorities within the report said:
“The emphasis will probably be on key areas reminiscent of governance and business, with encouragement for the exploration of recent enterprise fashions like NFTs and decentralized functions, expediting modern functions and the development of a digital ecosystem for Net 3.0.”
The ministry added that it plans to launch distributed digital identity-related pilot tasks to discover Web3 digital id authentication and administration. The most recent central authorities encouragement to develop Web3 comes after a number of native governments pledged to develop the metaverse business earlier this yr.
Picture: Business2Community
