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China seems to be opening up to certain parts of the industry. Despite its tough stance on the trading and ownership of cryptocurrencies such as bitcoin and ethereum, the country is pushing for Web3 development.
called during the parallel forum of the 2023 Zhongguancun Forum Web3: future Internet industry development, Beijing Municipal Science and Technology Commission, with the Zhongguancun Science and Technology Park Management Committee, issued a joint paper called Beijing Web3 innovation and development.
At the forefront of Web3 innovation
According to the white paper, Web3 represents a significant breakthrough and is a technology that has been recognized as “the inevitable trend in the future development of the Internet industry, and a three-dimensional space with highly immersive interactive experience and the fusion of virtual and real”. as described.
In addition to local reports Claims that the US continues to lead the development of the global Web3 industry while the EU is focusing on privacy protection policies. In addition, Japan and South Korea are aiming to become Web3 leaders.
The white paper outlines that Beijing is in a leading position in terms of Web3 industry development, which brings us to the next point.
Beijing to invest at least $14M per year in Web3
The document states that Chaoyang District “plans to invest no less than 100 million yuan in special funds every year to support the construction of the Web3 industrial ecosystem.” Its cost is about 14 million dollars.
It is worth noting that this move comes despite China’s overall negative stance towards cryptocurrencies. The county has outright banned bitcoin (on multiple occasions) and has demonstrated its restrictive stance many times.
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[ad_1]
China seems to be opening up to certain parts of the industry. Despite its tough stance on the trading and ownership of cryptocurrencies such as bitcoin and ethereum, the country is pushing for Web3 development.
called during the parallel forum of the 2023 Zhongguancun Forum Web3: future Internet industry development, Beijing Municipal Science and Technology Commission, with the Zhongguancun Science and Technology Park Management Committee, issued a joint paper called Beijing Web3 innovation and development.
At the forefront of Web3 innovation
According to the white paper, Web3 represents a significant breakthrough and is a technology that has been recognized as “the inevitable trend in the future development of the Internet industry, and a three-dimensional space with highly immersive interactive experience and the fusion of virtual and real”. as described.
In addition to local reports Claims that the US continues to lead the development of the global Web3 industry while the EU is focusing on privacy protection policies. In addition, Japan and South Korea are aiming to become Web3 leaders.
The white paper outlines that Beijing is in a leading position in terms of Web3 industry development, which brings us to the next point.
Beijing to invest at least $14M per year in Web3
The document states that Chaoyang District “plans to invest no less than 100 million yuan in special funds every year to support the construction of the Web3 industrial ecosystem.” Its cost is about 14 million dollars.
It is worth noting that this move comes despite China’s overall negative stance towards cryptocurrencies. The county has outright banned bitcoin (on multiple occasions) and has demonstrated its restrictive stance many times.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
