Nearly a year after China banned crypto trading and mining, the director of the Technology Supervision Bureau at Chinaøs Securities Regulatory Commission has published a book discussing Web 3.0 and blockchain technology.
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Yao Qian’s book “Web 3.0: Changes and Challenges of the Next Generation Internet” covers a swathe of topics around blockchain such as DAO, Defi, NFT, GameFi, SocialFi and X-to-Earn.In the foreword, Yao said that “Web 3.0 innovation has become a development direction that countries are highly concerned with and value,” and the research on it is “of great significance for China’s Internet infrastructure development and related industries.” A spokesperson for CITIC Publishing House, which published the book, told Forkast that Yao’s article represented his personal view and not that of the institution.Yao was the first director of the Chinese Central Bank’s Digital Currency (CBDC) research department and served from 2017 to 2018.In articles published in 2017 and 2018, Yao had questioned the coexistence of CBDC and cryptocurrencies, and discussed the potential of decentralized ledger technology.Yao was also named one of the most influential people in the blockchain field in 2017 by Coindesk.China banned crypto mining and trading from September 2021. This, in addition to China’s strict zero-Covid policy, is pushing miners, crypto service providers and Web 3.0 talent to seek greener pastures overseas such as in Singapore.
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This story has been updated to include the comment from CITIC Group.
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