The Shanghai Municipal People’s Government has developed a complex framework for deploying virtual assets, NFT, and blockchain technology.
A five-year strategy for the digital economy includes this. All Chinese districts and municipal committees received letters from the government. In a five-year strategy to advance its digital economy, the Shanghai Municipal People’s Government of China has incorporated blockchain, NFT, and the metaverse.
This information was revealed on July 12, 2022, in a Chinese letter sent to all district governments and the city government’s committees, departments, and bureaus, pleading with them to implement it properly.
The government of Shanghai plans to promote NFTs and other assets under article two of their proposal. Moreover, they will assist leading firms in researching the creation of NFT trading platforms. Additionally, they intend to test the worldwide circulation of digital IP and digital rights protection.
According to item three of the paper, the Chinese government is trying to advance the design of a new generation of network forms. Moreover, it wants to investigate the crucial aspects of Web3. This incorporates end-to-end encrypted communication technology, distributed data storage, decentralized domain name resolution, and multi-platform OpenID (digital identity recognition framework).
The memo also included a list of more ground-breaking initiatives the Chinese government intends to implement utilizing blockchain technology. It said: Promote blockchain-based and electronic identity verification technology for digital transactions. Promote trustworthy big data transactions, employ consensus algorithms to establish trust and transaction confirmation, and concentrate on creating platforms for managing and operating smart contracts.
To speed the investigation of digital technology applications in virtual assets, artworks, intellectual property, games, etc., it is significant that they will be creating open-source platforms, NFTs, and other business models. This intriguing development follows years of restrictions and prohibitions.
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