In a surprise move, Beijing unveiled Web3 Innovation and Development White Paper on Sunday, signaling its commitment to advancing the digital economy and positioning itself as a global innovation hub. The white paper, released by the Beijing Municipal Science and Technology Commission at the Zhongguancun Forum, identifies Web3 technology as an unavoidable trend for future Internet industry development, media reports, said.
In an effort to foster innovation, the Beijing municipal government intends to allocate a min of 100 million yuan yearly until 2025. This investment aims to support policy enhancements and accelerate technological advancements in the Web3 industry. The funding announcement was made by Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, at the forum, emphasising Zhongguancun’s reputation as China’s Silicon Valley.
The release of the white paper coincides with new digital asset regulations in Hong Kong, which has drawn attention to China’s stance on the crypto industry.
The Securities and Futures Commission of Hong Kong recently announced a new cryptocurrency rulebook, allowing retail investors to engage in cryptocurrency trading beginning from June 1. This move, coupled with Beijing’s Web3 white paper, suggests that China is gradually opening up to the industry, contrasting with its previous ban on cryptocurrencies in 2021.
Binance CEO Changpeng Zhao noted the significance of the timing of the white paper release, particularly in relation to Hong Kong’s regulatory developments. Zhao highlighted the contrast between the United States’ crackdown on cryptocurrencies and Hong Kong’s efforts to attract crypto companies.
Furthermore, the state-owned China Central Television aired a cryptocurrency segment featuring Bitcoin and non-fungible tokens, demonstrating a growing interest in the industry. While the segment has been removed, its inclusion in the broadcast is seen as a positive signal for the market.
