Shanghai included blockchain, NFTs and Web3 in its 5-year plan

As of July 2022, Shanghai’s Municipal Government published a draft of its “14th Five-Year Plan for the Development of Shanghai’s Digital Economy and metaverse.” The plan suggests supporting the initiatives that plan to construct the NFT trading platforms including the research and promotion of NFT and blockchain along with other assets. When we see adoption at the level of governments, we can help but get excited about what the future holds for the web3 community. We’re excited to see such huge developments in this space as we continue to create experiences and digital creations in the District3 world, and as we keep up our ambition of educating users and keeping everyone safe and protected as we move forward into this new world together.

A planned exploration of Web3 opportunities would include researching a multi-platform OpenID, distributed data storage, a decentralised domain name resolution system (DNS) and end-to-end encrypted communication technology, complemented by the deployment of 6G, Internet Protocol version 6 (IPv6), sixth-generation wireless network technology (Wi-Fi6) and quantum communication.

While the plan doesn’t directly expand on the prospects of decentralised finance (DeFi), it mentions “digital finance” with a promise to promote smart contracts and improve asset trading and payment and settlement. However, the section puts an emphasis on exploring the pilot of the digital yuan, the central bank digital currency (CBDC).

Other, non-crypto-related directions of a five-year plan touch on the issues of smart cities, low-carbon energy, digital health, intelligent service robots and others.

The plan includes exploration of DNS, encrypted communication, development of 6G, IPv6, Wi-Fi6. We plan to keep you updated as the story develops.


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