Beijing, the capital of China, reportedly released a white paper this morning aimed at promoting innovation and development of the web3 industry.
Dubbed the “Web3 Innovation and Development White Paper (2023),” the document states that web3 technology is an “inevitable trend for the future development of the Internet industry,” according to a report from a local news outlet. The newspaper. The Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, released the white paper at the Zhongguancun Forum.
The Commission aims to build Beijing as a global innovation hub for the digital economy. To that end, the city’s Chaoyang District will spend at least 100 million yuan (about $14 million) every year until 2025, Yang Hongfu, director of Zhongguancun Chaoyang Park’s management committee, reportedly told the forum. Zhongguancun is often referred to as China’s Silicon Valley.
The white paper reportedly states that Beijing aims to strengthen policy support and accelerate technology breakthroughs to promote the web3 industry.
Release timing is ‘interesting’
The timing of the white paper’s release is “interesting,” said Binance CEO Changpeng Zhao, who noted that Hong Kong’s crypto regulations will start on June 1.
Securities and Futures Commission of Hong Kong issued released a new crypto industry rulebook last week, stating that private investors can start trading crypto from June 1, when a new licensing regime for crypto platforms begins.
Hong Kong’s attempt to attract crypto companies to the region comes at the same time as a crackdown on crypto in the US. As for China, it banned the use of cryptocurrencies in 2021. But with the release of the web3 white paper, it seems to be opening up to the industry in some way.
Earlier this week, state broadcaster China Central Television (CCTV) aired a segment about cryptocurrencies with the Bitcoin logo, which Binance’s Zhao said was a “big deal” because “Historically, such coverage led to bull runs.”
The segment featured what appeared to be a Bitcoin ATM in Hong Kong. Next to a large blue Bitcoin logo, an option that read “Buy Bitcoins” was visible. NFTs were also highlighted in the segment. But the segment has since broken off.
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