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China pledges to accelerate the development of NFTs and decentralized applications despite the ban on cryptocurrency trading

China intends to encourage the development of non-fungible tokens (NFTs) and decentralized applications, as the country continues to leverage blockchain technology despite the ban on cryptocurrencies. The Ministry of Industry and Information Technology stated in a document published on Tuesday that it plans to formulate strategic documents to clarify the path of Web3 development.

The central government stated in the report:

Special attention will be given to key areas such as governance and industry, with an encouragement to explore new business models such as NFTs and decentralized applications, accelerate the development of innovative applications, and create a digital ecosystem for Web 3.0.”

The Ministry added that it plans to launch pilot projects related to distributed digital identification to explore authentication and management of Web3 digital identification. The central government’s recent encouragement for Web3 development follows several local authorities pledging to develop the metaverse industry earlier this year.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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