According to China’s former director of digital money, Web3 adoption is vital to the country’s future prosperity.
Recently, Yao Qian released an article on the need for forward-thinking research and strategic infrastructure development.
Yao anticipated that Web3 would restructure the Internet economy’s organisational structure and commercial model, significantly improving the present Internet ecosystem.
“On the one hand, Web3 enables self-management of identities on the user side, while also enabling self-management of addresses on the network resource side, so achieving true end-to-end access disintermediation,” she said in the paper.
While China continues to prohibit private cryptocurrencies, it believes blockchain technology has a bright future. And the country’s leadership would be wise to prioritise Web3 adoption.
China introduced its Central Bank Digital Currency (CBDC) last month in conjunction with the Beijing Winter Olympics, after a months-long test programme.
By 2025, China’s metaverse will be valued at $50 billion
And in December, Chinese technology company Baidu stated it was working on a metaverse project. According to one forecast, the country’s tourism business is anticipated to reach $50 billion by 2025.
Chinese firms such as NetEase, iQiyi, and Xiaohongshu have already filed trademark applications for metaverse-related initiatives, and it is believed that close to 4,000 Chinese firms have a presence in the field.
The more significant concern is whether China will also utilise its internet firewall to exert control over the metaverse.
Last month, Mario Stefanidis, vice president of research at Roundhill Investments, told The Wire China that China’s internal metaverse market would be simpler to regulate.
China’s Securities Regulatory Commission has also made proposals, including the establishment of a high-quality distributed infrastructure, common standards, a legal framework for DAOs, a tax framework, and well-regulated technical innovation.
Also Read: Consumers Are Warned By EU Regulators That Crypto Assets Are ‘Extremely Risky’
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