Beijing has recently published a white paper titled “Web3 Innovation and Development” as part of its efforts to foster innovation and advance the Web3 industry. The unveiling of the white paper took place at the Zhongguancun Forum, presented by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. The local news outlet, The Paper, reported that the document recognizes Web3 technology as an “inevitable trend for future Internet industry development.”
The objective behind the white paper is to establish Beijing as a prominent global innovation hub for the digital economy. To achieve this goal, the commission plans to allocate a minimum of 100 million yuan ($14 million) annually until 2025. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, announced the funding during the forum, underscoring Zhongguancun’s status as China’s Silicon Valley.
Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. pic.twitter.com/0Ts1UB0jnL
— CZ 🔶 Binance (@cz_binance) May 27, 2023
The white paper emphasizes Beijing’s intention to enhance policy support and expedite technological advancements in order to foster the growth of the Web3 industry. This release is particularly noteworthy given the timing of Hong Kong’s forthcoming digital asset regulations, which have sparked further interest in China’s position on the crypto industry. The Securities and Futures Commission of Hong Kong recently unveiled a new rulebook for the cryptocurrency industry, allowing retail investors to engage in crypto trading starting from June 1. This stands in stark contrast to the United States’ current crackdown on cryptocurrencies.
A few more pages (that received as pics). Not sure of authenticity. Talks a lot about NFTs, VR, AI, metaverse, etc. Looks like ByteDance, JD, Baidu each have their sections. Gavin Wood & Beeple was mentioned too. Web 3, web 3, web 3 all over the places… pic.twitter.com/DJI1xk4KQZ
— CZ 🔶 Binance (@cz_binance) May 27, 2023
While China had banned the use of cryptocurrencies in 2021, the release of the Web3 white paper suggests that China is signaling a potential opening up to the industry. The country’s interest in the crypto space was further highlighted when a cryptocurrency segment aired on the state-owned China Central Television, featuring the Bitcoin logo and a Bitcoin ATM in Hong Kong. Binance CEO Changpeng Zhao noted the significance of this coverage, historically correlating with market upswings. The segment also mentioned nonfungible tokens (NFTs), although it has since been removed.
The convergence of the Web3 white paper release in Beijing and Hong Kong’s new crypto regulations indicates a dynamic landscape within China’s approach to the industry. With increased policy support and technological advancements, Beijing aims to position itself as a global leader in Web3 innovation and contribute to the development of the digital economy. The future implications of these developments will undoubtedly shape the trajectory of the crypto industry in China and beyond.
