247 Job News Saifudin Hidayat: No room for crypto in China’s Web3 landscape

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Rabu, 6 Julai 2022

No room for crypto in China’s Web3 landscape

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No room for crypto in China’s Web3 landscape

Have you ever hated anything so much that you would seek to tweak its very foundations to accelerate its path to extinction? Well, I certainly hope not, but it’s too late to say a prayer for China. The world’s second largest economy has made its palpable distaste toward cryptocurrencies more evident each day.

Simply put, China doesn’t like cryptocurrencies, given the cloak of anonymity under which transactions in this space occur. The country, which doubled down on its crypto and crypto mining ban last year, has put in place the building blocks of a Web3 infrastructure that seeks to extract the benefits of blockchain technology while isolating itself from anything related to crypto.

As China lays the foundation and reimagines the Web3 space, its success could be the final nail on the crypto coffin, but its failure would likely strengthen ties between the crypto and Web3 worlds.

In today’s premium story, Tech in Asia breaks down China’s Web3 sector to understand the distinctions and dissects its chances of gaining widespread acceptance as the nation prepares to export its version of Web3 to the world.

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-- Shravanth

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