Chinese Regulator: Web3 Technology Will Lead to a Better Web

A security regulator believes that Web3 will be crucial to the future of China’s internet.

Yao Qian, the director of the Science and Technology Supervision Bureau of China’s Securities Regulatory Commission, has deemed Web3 to be the future of the internet, and has called for a special focus on the field.

The regulator recently published an article titled “Web 3.0: A New Generation of Internet That Is Approaching”. In the article, Yao discussed the significance of the rapidly evolving technology and how the world is in the middle of a revolutionary transformation from Web2 to Web3.

The article also talked about the importance of forward-looking strategic infrastructure development and research. Yao predicted that the organizational structures and business models of the Internet economy will undergo an improvement powered by Web3 technology.

Yao expressed confidence that Web3 will solve major problems of the Web2 era such as monopoly, lack of privacy protection, and malicious algorithms, and that the technology will make the internet more inclusive, open and secure. The Chinese regulator called Web3 a three-dimensional holographic and interconnected internet.

Even though China maintains a blanket ban approach towards digital currencies, the nation is still quite bullish on the underlying blockchain technology, with Web3 infrastructure now becoming the big tech focus for the country.

It is also important to note that China is not really a big believer in decentralization of the distribution of power. Evidence of this is China’s central bank digital currency development program, which, although a blockchain-based currency, is still highly centralized technology with the central government controlling every aspect of it.