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China will draft a national Web3 development plan to suit the countrys needs, according to the Ministry of Industry and Information Technology (MIIT), which did not mention cryptocurrencies even as Beijing maintains its support for Hong Kongs ambition to become a major virtual-asset hub.Chinas Ministry of Industry and Information Technology released a statement addressed to Hong Kong lawmaker Johnny Ng Kit-chong about the mainlands Web3 development plan. Photo: Edmond So

The MIIT on Tuesday said that the proposed draft will not only clarify the countrys Web3 development path, technological priorities and application models, but also sharpen focus on areas including government affairs and industry.

Web3 is confused for crypto, NFTs and the metaverse, but what is it really?

The project allows users to store public cryptographic keys in a RealDID document published on a blockchain after real-name verification by the polices Cyber Trusted Identity system. Among its purported benefits, RealDID aims to improve privacy by allowing internet users to log into online platforms without using their personal information such as phone numbers.

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Beijing to draft national Web3 development plan amid strict cryptocurrency ban - South China Morning Post