Yao Qian, director of the Bureau of Scientific and Technological Supervision of the China Securities Regulatory Commission, called for special attention to Web3, seeing it as the future of the Internet.
Yao published an article, “Web 3.0: A Next Generation Approach to the Internet,” which talked about the importance of cutting-edge technology and how the world is going through a pivotal transition from Web2 to Web3.
The article talked about the importance of future research and strategic infrastructure development. Yao predicted that Web3 will reshape the organizational form and business model of the Internet economy and is expected to greatly improve the current Internet ecosystem.
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The Chinese regulator believes that Web3 will effectively solve the problems of monopoly, lack of privacy and malicious algorithms in the Web2 era and make the Internet more open, inclusive and secure. Yao called Web3 a three-dimensional Internet, inclusive and interconnected.
An excerpt from the Google Translate article reads:
“On the other hand, Web 3.0 can implement identity self-management on the user side, and on the other hand, it can also implement address self-management on the network resource side and really understand that the end-to-end access process is not mediated”
While China has taken a general approach to banning digital currencies, the country is quite optimistic about the underlying blockchain technology, and now Web3 infrastructure appears to be the next major technology focus for the country.
It is also important to note that China is not necessarily a firm believer in decentralization or power sharing. This is evidenced by the Central Bank Digital Currency Development Program, which is a blockchain-based digital currency, but is a highly centralized technology in which the central government controls all aspects of it.