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.

See related article: Shanghai turns to metaverse, NFTs to counter lockdown economic fallout

Fast facts

  • 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.

See related article: Beijing, Hengqin ramp up metaverse amid struggling economy

This story has been updated to include the comment from CITIC Group.