Shanghai included blockchain, NFTs and Web3 in its 5-year plan

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Officially, China’s largest city, Shanghai, intends to promote the development of innovations such as blockchain, non-fungible tokens (NFTs), Metaverse and Web3 during its next five-year plan.

On July 13, the Shanghai Municipal Government published a draft of the “Fourteenth Five-Year Plan for the Development of Shanghai’s Digital Economy”. The document sets out its mission to “promote the deep integration of digital technology and the real economy,” with “scientists judging technology prospects” and “discovering entrepreneurs for market demand.”

The plan proposes support for institutions planning to build NFT trading platforms and “research and enhance the digitization of NFT and other assets.” A separate section is dedicated to blockchain, with an explicit commitment to promoting the development and application of “blockchain+” technology and building a blockchain development ecosystem with strong innovation capabilities and independent control.

There is also a place for the ambitions of the Metaverse, where the municipal government plans to accelerate the research and deployment of the platform for interaction between the virtual world and the real community by implementing the development of core technologies and encouraging the creation of new platforms using richer and more diverse content scenarios. The plan emphasizes the importance of new forms of digital entertainment consumption, such as virtual concerts, idols and sports.

The planned exploration of Web3 opportunities will include research into cross-platform OpenID, distributed data storage, decentralized Domain Name Resolution System (DNS) and encrypted end-to-end communications technology, complemented by updating its software base and deployment of 6G, IPv6 and network technology. 6th generation wireless (Wi-Fi6) and quantum connectivity.

Related topics: China’s NFT platforms grow 5-fold in four months despite government warnings

While the plan does not mention prospects for decentralized finance (DeFi), it does mention “digital finance” with a promise to boost smart contracts and improve asset circulation, payment and settlement, registration and custody. However, the section focuses on exploring the model of the digital yuan, the central bank digital currency (CBDC) that the Bank of China cherishes.

Other non-crypto trends for the five-year plan touch on issues of smart cities, low-carbon energy, digital health, smart service robots, and more.

In his June 26 article, Yifan He, CEO of Red Date Technology – a major tech company involved in developing a major blockchain project in China called Blockchain Service Network (BSN) – described private cryptocurrencies as “the largest Ponzi scheme in human history.” “

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