The Chinese regime is known for suppressing freedom of information and expression. It is one of the few countries in the world to restrict many services of global tech giants like Google and Facebook. When China imposed a ban on cryptocurrencies in mid-2021, it was one of the biggest shocks for the crypto community. Chinese clampdown on cryptocurrencies continues to this day, and only very few miners continue to mine from the country. Chinese citizens, however, do not seem to echo the opinion of the country’s rulers. A recent tweet from a prominent Chinese cryptocurrency journalist reveals that Chinese citizens are increasingly interested in the web 3. Many of them feel that web 3 will be the most effective tool for Chinese people to communicate with the world. However, what remains in focus is how the Chinese government reacts to this growing trend.
The reports of this growing interest first came from the results of the Chinese search engine Baidu. It revealed that more and more Chinese citizens are now entering search queries related to the web 3.
In the global context, it is not much of a wonder that an increasing number of people are getting interested in Web 3. The recent rebranding of Facebook into Meta played a key role in raising public awareness. Another factor is the popularity of NFTs, which are now cross-cultural and cross-border. The global crypto community is naturally happy to see such a development. Chinese internal policies in 2022 will play an important role in further cementing this trend.