Shanghai promises and moves towards supporting innovation developments through promoting blockchain, non-fungible tokens (NFT), and Web3 in its 5-year plan.
Titled the “14th Five-Year Plan for the Development of Shanghai’s Digital Economy,” the Municipal government published a document aiming for better integration of digital technology and the real market. It aims to promote and utilize market demand through digital technology, strengthening the economy further.
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Shanghai Government plans to promote enterprises constructing an NFT platform through adequate research and digitization of both NFT and other crypto assets. The document also highlights the government’s plan to promote blockchain technology with the aim of creating an independent blockchain ecosystem.
Shanghai’s 5-year plan
The Shanghai Government is not only considering promoting crypto assets and NFTs in its next 5-year plan but also striving toward ensuring a better connection between the virtual and digital worlds. The government is expected to take help from digital scientists to create better platforms and diverse content with a user-friendly interface.
It seems to solely promote the interaction between the virtual operations and the real-time market through an initiative. The continued assertion of the importance of digital entertainment through online concerts and sports supports the claim. Similar plans are also on the cards for Web3 platforms with decentralized data and other democratic features.
Shanghai to develop a sustainable crypto environment
Though there is a considerable hush on decentralized finance, the government highlights the importance of digital finance, aiming for smart contracts, better asset trading, and payment and settlement. While, on the one hand, the initiatives of the Shanghai Government in promoting blockchain are visible, it also mentions keeping other crypto-asset factors in mind. These include ensuring low-carbon consumption rules, smart cities, improved digital health, and the use of intelligent service robots through artificial intelligence.
The new initiatives to be undertaken by the Shanghai Government and its growing interest in blockchain and other crypto assets indicate a gradual economic expansion by integrating the digital and real markets. Though several other initiatives are also on the cards, Shanghai Government’s plan to develop the crypto market by lending enough support is one of the most significant developments in the crypto world recently.