Beijing releases white paper for web3 innovation and development. The document, known as the “Web3 Innovation and Development White Paper (2023),” emphasizes the inevitability of web3 technology for future development in the internet industry.
Beijing releases white paper for web3 innovation and development
Beijing, the capital city of China, reportedly published a white paper this morning with the objective of fostering innovation and progress in the web3 industry. The document, known as the “Web3 Innovation and Development White Paper (2023),” emphasizes the inevitability of web3 technology for future development in the internet industry.
Local news outlet The Paper provided this information. The release of the white paper took place at the Zhongguancun Forum, organized by the Beijing Municipal Science & Technology Commission, also referred to as the Administrative Commission of Zhongguancun Science Park.
The commission’s goal is to establish Beijing as a global hub for digital economy innovation. To achieve this, the Chaoyang district of the city plans to allocate a minimum of 100 million yuan (around $14 million) annually until 2025, as stated by Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, during the forum. Zhongguancun is commonly known as China’s equivalent of Silicon Valley.
According to reports, the white paper outlines Beijing’s intentions to enhance policy support and expedite technological breakthroughs to drive the growth of the web3 industry. The timing of the white paper release is deemed noteworthy by Changpeng Zhao, CEO of Binance, who points out that Hong Kong’s new crypto regulations will become effective on June 1.
The Securities and Futures Commission of Hong Kong recently introduced a new regulatory framework for the crypto industry, enabling retail investors to trade cryptocurrencies starting from June 1, coinciding with the launch of a new licensing system for crypto platforms.
While Hong Kong seeks to attract crypto firms to the region, the United States is undergoing a regulatory crackdown on cryptocurrencies. China, on the other hand, prohibited the use of cryptocurrencies in 2021. However, with the release of the web3 white paper, it seems that China is gradually opening up to the industry in some capacity.
Earlier this week, China Central Television (CCTV), a state broadcaster, aired a segment on cryptocurrencies that prominently featured the Bitcoin logo. Binance’s Zhao considered this to be significant, as such coverage historically led to bullish market trends. The segment showcased a Bitcoin ATM in Hong Kong, displaying a large blue Bitcoin logo and an option to “Buy Bitcoins.” NFTs were also highlighted in the segment. However, the segment has since been removed.
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