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The municipality pledged support to the companies that discover the nonfungible markets. China’s largest city Shanghai has declared that it will promote innovation such as blockchain, metaverse, and Web3 in its next five year plan.

Shanghai’s Municipal Government released its draft of the “14th Five Year Plan for Development of Shanghai’s Digital Economy” on July 13. It outlines its mission to “promote the deep integration of technology and the real economy,” and includes “scientists judging technology opportunities” and “entrepreneurs discovering demand.”

The plan recommends supporting enterprises that are planning to build NFT trading platforms, and “researched and promote the digitization NFT and other assets”. The plan also includes a section dedicated to blockchain. It makes clear the commitment to support the development and use of “blockchain+” technology, and to create a blockchain development environment with strong innovation capabilities and independent oversight.

Metaverse ambitions are also possible as the municipality government plans to accelerate research and deployment of the platform. This will allow for interaction between the virtual world, real society, and virtual reality. It will conduct core technology development and encourage the creation of new platforms that offer richer and diverse content. This plan highlights the importance of new forms digital entertainment consumption such as virtual idols, sports, and concerts.

One plan to explore Web3 possibilities would be to research a multi-platform OpenID and distributed data storage. This would be complemented by the updating of itshardware base, deployment of 6G Internet Protocol version 6(IPv6), sixth generation wireless network technology (WiFi6), and quantum communication.

Although the plan does not mention the prospect of decentralized finance (DeFi), the plan mentions digital finance with the promise to promote smart contracts, improve asset trading and payment and settlement and registration and custody. The section focuses on the pilot of digital yuan (CBDC), the central bank digital currency (CBDC), that the Bank of China treasures.

A five-year plan also covers other non-crypto-related areas, such as smart cities, low carbon energy, digital health, and intelligent service robots.

Yifan He, CEO of Red Date Technology — which was involved in China’s Blockchain Service Network (BSN), a major tech company — wrote his article on June 26. called private cryptocurrencies “the biggest Ponzi scheme in history.”

The post Shanghai Officials Added Blockchain Tech and NFT’s to it’s 5 Year Plan first appeared on The Daily Encrypt.


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Angie Byrd