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Beijing Municipality Releases Landmark Web3 White Paper to Promote Innovation and Development

Beijing Municipality Releases Landmark Web3 White Paper to Promote Innovation and Development

 


Beijing has made great strides in promoting innovation and development in the Web3 industry.

The Beijing Municipal Science and Technology Commission, also known as the Zhongguancun Science Park Management Committee, recently released a “Web3 Innovation and Development White Paper” at the Zhongguancun Forum, Cointelegraph reports.

This white paper recognizes that Web3 technologies are an inevitable trend for the future of the Internet industry.

Explore white paper

The commission plans to allocate at least 100 million yuan ($14 million) annually until 2025 to establish Beijing as a prominent global innovation hub for the digital economy.

The funding announcement was made by Yang Hongfu, head of Zhongguancun Chaoyang Park Management Committee during the aforementioned forum.

Zhongguancun, also known as China’s Silicon Valley, is famous for its concentration of technology companies and start-ups.

Related Article: Web3’s Newest Disruptor: The Rise of Decentralized Perpetual Exchanges

This white paper aims to strengthen policy support and promote technological advancements to facilitate the growth of the Web3 industry.

More Governments Introduce Cryptocurrency Regulations

The move comes at an interesting time, as new cryptocurrency regulations are set to come into force in Hong Kong on June 1. The Hong Kong Securities and Futures Commission recently introduced a rulebook for the cryptocurrency industry, allowing retail investors to participate in cryptocurrency trading, we reported. .

China itself has banned the use of cryptocurrencies in 2021, but the release of the Web3 white paper suggests that China’s position may change. Cointelegraph reports that the Chinese government’s awareness of Web3 technology and its focus on fostering innovation could mean a more open approach to the industry.

The importance of this development was further underscored by a cryptocurrency segment aired on state-run China Central Television on May 23. The corner featured the Bitcoin logo and Bitcoin ATMs in Hong Kong.

The Chinese government’s commitment to supporting Web3’s innovation and development is consistent with the global trend of exploring decentralized technology.

Web3, sometimes called the next evolution of the decentralized web or internet, holds immense potential for various industries such as finance, supply chain, healthcare, and governance.

By investing in this emerging sector, the Chinese government aims to position itself at the forefront of the digital economy and promote technological progress.

China and decentralized technology

As the Web3 industry evolves and gains momentum, the release of the Web3 whitepaper in Beijing represents a major step forward in China’s approach to decentralized technology.

in other news

According to CNA reports, the Indonesian provincial government of Bali plans to crack down on foreign tourists using cryptocurrencies as a means of payment at hotels, restaurants, tourist attractions, shopping centers and other establishments.

Bali Governor Wayan Koster said in a press conference, “We will deal firmly with foreign tourists,” he said.

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Related article: Mental health care for success in the metaverse with Web3 tools

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