China is going to finance Web3 projects 🔥
China's Ministry of Industry and Information Technology published a document outlining plans for Web3. In the near future, the state plans to develop legislative documents in order to determine the paths for the development of the new generation Internet in the country.
According to the document, a special committee will develop new business models based on NFTs and dApps. The goal is to create a large-scale digital ecosystem for Web3 in accordance with the new Chinese legislation.
China's Ministry of Industry and Information Technology plans to invest in companies, open universities and research centers that study Web3 and develop blockchain-based technologies.
Previously, the Chinese authorities came up with a way to spy on citizens using blockchain. To do this, they created a new platform called RealDID.
