• Yao Qian, a Chinese regulator, believes that Web3 will be crucial to the future of China’s internet.
• The Chinese regulator recently published an article, titled “Web 3.0: A New Generation of Internet That Is Approaching.”
• This article discusses the importance of Web3 technology, and the transition from Web2 into Web3.

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”. Yao discusses the implications of this rapidly developing technology as well as how the world’s transformation from Web2 and Web3 is taking place.

In the article, Yao also discussed how important it is to conduct forward-looking research and develop strategic infrastructure. Yao predicts that Web3 technology will bring about a significant improvement in the organization structures and business models for the Internet economy.

Yao said that Web3 will address major Web2 problems such as monopoly, privacy protection and malicious algorithms. The technology will also make the internet more open, inclusive and secure. Web3 was described by the Chinese regulator as a 3-dimensional, interconnected, holographic internet.

China has a ban on digital currency, but it is bullish about the technology’s fundamentals. Web3 infrastructure is now the main tech focus of the country.

Notably, China doesn’t believe strongly in decentralizing power distribution. 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.

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