The city’s commitment to investing significant funds and providing policy support underscores its determination to foster a thriving ecosystem for web3 technologies and attract top talent.
Beijing, the vibrant capital city of China, has made a significant move towards fostering the growth and advancement of the web3 industry by releasing a comprehensive white paper. This groundbreaking document, titled the “Web3 Innovation and Development White Paper (2023),” was unveiled in the early hours of this morning and has already garnered considerable attention within the tech community.
According to a report from the reputable local news outlet The Paper, the white paper emphasizes that web3 technology represents an “inevitable trend for future Internet industry development.” The Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, took charge of releasing the white paper at the highly anticipated Zhongguancun Forum.
One of the primary objectives outlined in the white paper is the ambitious vision of establishing Beijing as a global hub for innovation in the digital economy. To support this goal, the Chaoyang district of the city has committed to investing a minimum of 100 million yuan (approximately $14 million) annually until 2025.
The substantial investment demonstrates the city’s dedication to nurturing a flourishing ecosystem for web3 technologies and positions Zhongguancun, often hailed as China’s equivalent of Silicon Valley, at the forefront of this transformative movement.
Moreover, the white paper outlines Beijing’s intention to fortify policy support and expedite technological breakthroughs to drive the growth of the web3 industry. By creating a favorable environment for innovation, the city aims to attract top talent, encourage entrepreneurial ventures, and position itself as a leader in the global digital landscape.
What adds an intriguing twist to this development is the timing of the white paper release, as highlighted by Changpeng Zhao, the CEO of Binance. Zhao astutely observed that Hong Kong is set to implement new regulations governing the cryptocurrency industry on June 1. The Securities and Futures Commission of Hong Kong recently announced a comprehensive rulebook, enabling retail investors to engage in crypto trading and initiating a new licensing regime for crypto platforms.
This move by Hong Kong to attract crypto businesses coincides with a broader regulatory crackdown on cryptocurrencies in the United States. In contrast, China imposed strict restrictions on the use of cryptocurrencies back in 2021. However, the release of the web3 white paper indicates that China may be adopting a more open-minded approach towards the industry.
In a noteworthy development earlier this week, China Central Television (CCTV), the state broadcaster, aired a segment featuring cryptocurrencies. The segment, considered by industry insiders as a significant event, prominently displayed the iconic Bitcoin logo and showcased a Bitcoin ATM located in Hong Kong. Viewers could also spot an option to “Buy Bitcoins” on the screen, suggesting a growing acceptance and interest in cryptocurrencies.
Furthermore, the segment shed light on the emerging field of non-fungible tokens (NFTs), reflecting the expanding scope of digital assets beyond traditional cryptocurrencies. Regrettably, the segment has since been taken down, leaving observers speculating about the reasons behind its removal.
Beijing’s release of the web3 white paper signifies a pivotal moment for the future of the internet industry, heralding a new era of innovation and development. With its ambitious plans to become a global innovation hub and its explicit support for the web3 industry, Beijing is positioning itself at the forefront of technological progress and inviting international collaboration.