More Web3 Development Is Needed, Says China’s CBDC Architect

Yao Qian, a major developer in China’s central bank digital currency (CBDC) project, has urged the Chinese government to boost web3 technology development. Strengthening web3 research, according to Qian in an academic publication, is critical for China’s future internet infrastructure.

The People’s Bank of China’s digital money effort was directed by Qian. He then became the Director General of Chinese’s securities regulator’s Science and Technology Regulatory Bureau.

Qian detailed the merits of web3 in a study published in the China Journal of Finance, describing it as a user-centric system that allows online users more authority over their identity and data. Qian also outlined five ways the government may take to encourage web3 innovation.

After 30 years of development, the Internet is now at an important point in the evolution of Web 2.0 to Web 3.0. Strengthening Web 3.0 forward-looking research and strategic prediction is undoubtedly of great significance to the construction of Chinese’s future internet infrastructure.

-Qian

Qian’s web3 development strategy

Building a high-quality online infrastructure with defined ownership, duties, and security, according to Qian, is critical to further progress. He criticized the web2 model’s shortcomings in terms of development tools and technological standards.

According to Qian, good governance will foster technical innovation by creating a safe environment for innovators and limiting channels for criminal operations, which is a big issue in China and a driving force for the country’s ban on cryptocurrencies last year.

According to Qian, establishing common standards and fostering network interoperability will enable internet collaboration. He also demanded that the government provide clear and equitable digital tax standards, as well as a legal framework for decentralized autonomous groups (DAOs).

Cryptocurrencies are not part of China’s web3 goals

In 2021, Chinese which was once the world’s crypto hub in terms of mining and businesses, unexpectedly cracked down on the industry, outright outlawing most types of crypto. The country, however, has not abandoned blockchain technology.

With the introduction of the digital yuan earlier this year, it became the first developed economy to do so. The country has set aside zones to test blockchain technology, with use cases in data sharing and cost reduction in mind.

NFTs are still theoretically allowed in China, and internet titans Alibaba and Tencent have invested in them.

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