China Continues to Promote Web3 Development Despite Prohibiting Cryptocurrencies

China has been a major player in the world of technology for many years, and its influence on the development of the internet has been significant. In recent years, China has been actively promoting the development of Web3 technologies, despite its prohibition of cryptocurrencies.

Web3 is the next generation of the internet, which is designed to be more decentralized, secure, and private than the current Web2.0. It is built on blockchain technology, which allows for the creation of decentralized applications (dApps) that can run on a peer-to-peer network without the need for intermediaries.

China has recognized the potential of Web3 technologies and has been actively promoting their development. In 2018, the Chinese government launched a national blockchain initiative to support the development of blockchain technology and its applications. The initiative aims to create a blockchain-based infrastructure that can be used by businesses and individuals to develop dApps.

In addition to the national blockchain initiative, China has also established several blockchain research institutes and innovation centers to support the development of Web3 technologies. These centers provide funding, resources, and expertise to startups and entrepreneurs working on blockchain-based projects.

Despite its prohibition of cryptocurrencies, China has not banned the development of blockchain technology or the use of dApps. In fact, many Chinese companies are actively working on blockchain-based projects, including Alibaba, Tencent, and Baidu.

One area where China is particularly interested in promoting Web3 development is in the area of digital identity. China has been working on a national digital identity system that would allow citizens to securely and privately manage their personal data. This system would be built on blockchain technology and would be used to verify identities for a range of services, including banking, healthcare, and government services.

China’s promotion of Web3 technologies is not without its challenges. The country’s strict internet censorship laws could limit the development of decentralized applications that are designed to be free from government control. Additionally, the lack of clarity around the regulation of blockchain-based projects could deter investors and entrepreneurs from entering the market.

Despite these challenges, China’s commitment to promoting Web3 development is a positive sign for the future of blockchain technology. As more countries and companies recognize the potential of Web3 technologies, we can expect to see continued growth and innovation in this space.

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• Source: https://zephyrnet.com/china-pushing-for-web3-development-despite-outright-crypto-ban/