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Dec 21, 2023

China's Paradox: Embracing Web3 While Banning Crypto

Chinese government aggressively pursues Web3 and blockchain technologies despite a ban on crypto mining and trading.

Decentralized Tech Drive

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Ministry of Industry and Information Technology releases a document outlining key initiatives to position China as a leader in Web3.

Strategic Initiatives

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Emphasis on bolstering the policy framework ensures synchronized growth of the Web3 industry with regulatory oversight.

Regulatory Harmony

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China actively engages in creating global standards for Web3, aiming to assert its role in the global discourse.

Global Standards

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Integration of Web3 technologies planned across healthcare, education, and tourism, signaling widespread adoption in China.

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Broad Application Spectrum

Ministry's 3-year action plan focuses on incubating metaverse startups, contrasting with the strict stance on cryptocurrencies.

Metaverse Action Plan

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China's move into Web3 holds significant sway, shaping the tech industry despite its paradoxical approach to crypto.

Industry Shaper

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