Shanghai's Web3 support draws industry scepticism, but also 'cautious optimism' in country that banned cryptocurrencies | South China Morning Post

The Shanghai government has pledged support for Web3 development for the first time as part of its 14th five-year plan, but entrepreneurs are sceptical about whether it will bring big changes in a country that shuns cryptocurrencies and decentralisation. Shanghai will explore the development of "key Web3 technologies" as part of the city's efforts to improve its "new digital infrastructure", the municipal government said in the document published on Wednesday, which outlines the city's plans for the digital economy through 2025. Examples of such technologies include development of the decentralised authentication protocol OpenID, decentralised domain name systems (DNS) and end-to-end…