The director of the Science and Technology Supervision Bureau of China’s Securities Regulatory Commission Yao Qian has called for a special focus on Web3, deeming it to be the future of the internet.
Yao published an article titled “Web 3.0: A New Generation of Internet that is Approaching,” talking about the significance of the evolving tech and how the world is at a crucial transition from Web2 to Web3.
The article talked about the significance of forward-looking research and strategic infrastructure development. Yao predicted that Web3 will reconstruct the organizational form and business model of the Internet economy and is expected to greatly improve the existing Internet ecosystem,
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The Chinese regulatory executive believes Web3 will effectively solve the problems of monopoly, lack of privacy protection, and malicious algorithms in the Web2 era, and make the Internet more open, inclusive, and secure. Yao called Web3 a three-dimensional holographic internet that would be inclusive and interconnected.
An excerpt from the Google translated article read,
“On the one hand, Web 3.0 can realize the self-management of identities on the user side, and on the other hand, it can also realize the self-management of addresses on the network resource side, truly realizing the disintermediation of the end-to-end access process”
While China maintains a blanket ban approach towards digital currencies, the country is quite bullish on the underlying technology of blockchain and now Web3 infrastructure seems to be the next big tech in focus for the nation.
It is also important to note that China is not necessarily a big believer in decentralization or distribution of power. This is evident from their central bank digital currency development program, which is a blockchain-based digital currency, but the tech is highly centralized with the central government controlling every aspect of it.