Beijing releases white paper for Web3 innovation and development

China’s capital Beijing has unveiled a white paper reportedly aimed at fostering innovation and advancing the Web 3 industry.

Zhongguancun Forum released the “Web3 Innovation and Development White Paper (2023)” by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. According to local news outlets, paperThe document identifies Web3 technology as “an inevitable trend for future Internet industry development”.

The commission plans to allocate a minimum of $14 million (100 million yuan) annually until 2025, with the goal of establishing Beijing as a major global innovation center for the digital economy. Yang Hongfu, director of the Zhongguancun Chaoyang Park Management Committee, revealed that during the forum, it was highlighted that Zhongguancun is commonly recognized as China’s Silicon Valley.

According to reports, the white paper emphasizes Beijing’s intention to increase policy support and accelerate technological progress to promote the development of the Web3 industry.

Changpeng Zhao, CEO of Binance seeks out The timing of the release of the white paper is “remarkable” as it highlights that Hong Kong’s cryptocurrency regulations are set to begin on June 1.

Last week, Hong Kong’s Securities and Futures Commission unveiled a new rulebook for the cryptocurrency industry, announcing that retail investors will be able to engage in crypto trading from June 1, following the implementation of a new licensing framework for crypto platforms. coincides with.

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While the United States is currently undergoing a regulatory crackdown on cryptocurrencies, Hong Kong’s efforts to attract crypto companies coincide with this development. In contrast, China has banned the use of cryptocurrencies in 2021. However, with the release of the Web3 white paper, it appears that China is showing signs of opening up to the industry in some capacity.

On May 23, a segment on cryptocurrencies was broadcast by China Central Television (CCTV), mainly featuring bitcoin logos and bitcoin ATMs in Hong Kong. Binance’s Zhao noted The importance of this coverage as it has historically been related to market volatility. The section also highlighted NFTs but has since been removed.

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