The Chang'an Chain, a blockchain platform backed by the Chinese government, has over 50,000 developers actively involved in its development.
In a written response to the proposal presented by the National Committee of the Chinese People's Political Consultative Conference (CPPCC), Yin Hejun emphasized that the Chinese government is highly committed to the development of the Web3 industry.
He stated:
"The proposals on strengthening resource support for Web3 technology research and development, strengthening technology supervision and management, encouraging international cooperation, and strengthening publicity and promotion are forward-looking and strategic and highly compatible with the key work of the Ministry.”
The document recognizes China's strong industrial base and vast potential for the development of Web3, including policy support, technical research, and practical implementation. It references official guidelines on blockchain technology and highlights the exploration of blockchain innovation pilots across different use cases, such as trade finance and intellectual property.
Prominent Chinese tech companies, including Ant Group, Baidu, and Huawei, exemplify the vital role played by the consortium in this sector. Additionally, China reports that the state-supported Chang'an Chain has over 50,000 developers actively involved in its blockchain ecosystem.
The Ministry of Science and Technology, along with other government entities, has implemented policies and standards to expedite the adoption of blockchain technology. Local initiatives in Beijing and Shanghai are also focused on nurturing Web3 innovation. Authorities in these regions are capitalizing on opportunities in this emerging field by creating a supportive environment through guidelines, committees, and targeted initiatives.
China's embrace of Web3 technologies signifies a departure from its previous stance of banning cryptocurrencies and taking strict measures against mining operations. Nevertheless, there are lingering concerns regarding the Chinese central bank's digital currency (CBDC), the digital yuan. While it is touted as an advanced payment system, the digital yuan enables unparalleled surveillance and control by authorities.
In the recent Solana Hackathon MCM competition, four award-winning projects involved AI technology. These teams aim to apply Web3 technology to real-world problem-solving, potentially paving the way for a new trend in the Solana ecosystem beyond Memecoins.
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