The director of the Science and Technology Supervision Bureau of the Chinese Securities Regulatory Commission, Yao Qian, has called for a special focus on Web3 and sees it as the future of the Internet.
Yao published an article titled “Web 3.0: A New Generation of Internet Approaching” talks about the importance of evolving technology and how the world is making a crucial transition from Web2 to Web3.
The article discussed the importance 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 significantly improve the existing Internet ecosystem,
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The Chinese regulatory agency believes that 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.
Read an excerpt from the article translated by Google,
“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 resources side, really realizing the disintermediation of the end. -to-end access process”
While China is enacting a blanket ban on digital currencies, the country is quite optimistic about the underlying technology of blockchain and now the web3 infrastructure looks set to be the next big technology in focus for the nation.
It is also important to note that China is not necessarily a big proponent of 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 technology is highly centralized and the central government controls every aspect of it.