Despite crypto ban, China’s tech talent rides the global web3 wave – TechCrunch

Despite China’s sweeping bans on cryptocurrencies, domestic web3 talent is flourishing. Some build local services endorsed by the government, while others venture abroad. China is still figuring out what it wants from web3, but it clearly doesn’t want to miss out. President Xi Jinping personally vouched for the role of blockchain in the technological revolution in the technology revolution in 2019. Some of China's web3 developers are following the direction given at the top, joining in to build the infrastructure for digital collectibles. China has warned against the use of NFT as financial securities, rebranding it as ‘digital collectibles” which can only be bought using RMB, has little liquidity, and is tasked with promoting copyrights protection. Source