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Chinese Regulatory Executive Touts Web3 as the Next Big Thing 

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The director of the Science and Technology Supervision Bureau of China, Yao Qian, has praised Web3 as the future of the internet calling for a special focus.

Source: Weixin

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Qian wrote in the China Financial Journal that the current transition to the new internet might lead to an information revolution that will transform lives.

The thesis, titled ‘Web 3.0: A New Generation of Internet That is Gradually Approaching,’ defines Web 3.0 as an internet of developers and users that is powered by digital assets.

The director talks about how the technology will restructure the business model of the internet economy with significant improvements.

The executive thinks that Web 3.0 will remove monopoly, enhance privacy, and turn the internet into an open, inclusive, and secure ecosystem.

Beijing has remained optimistic about Web 3.0 despite a crackdown on cryptocurrencies in the recent past. The positivity comes in the face of push for a CBDC.

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