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Beijing Releases White Paper for Web3 Innovation & Development: Key Move in China's Crypto Industry

Building the Foundation for Web3 Advancement: Beijing's White Paper Sets the Stage for Innovation and Development in China's Capital City

Beijing, the capital city of China, has taken a significant step in promoting the development of the Web3 industry by releasing a white paper titled "Web3 Innovation and Development White Paper." This move coincides with the introduction of new digital asset regulations in Hong Kong, which has further sparked interest in China's stance toward the crypto industry.


The white paper, unveiled at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, aims to foster innovation and advance the Web3 industry. It recognizes Web3 technology as an "inevitable trend for future Internet industry development," according to a local news outlet, The Paper.


Beijing has set its sights on becoming a global innovation hub for the digital economy. To achieve this goal, the city's Chaoyang district plans to allocate a minimum of 100 million yuan (approximately $14 million) annually until 2025. Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, revealed this funding commitment during the forum, highlighting the significance of Zhongguancun as China's Silicon Valley.


The white paper emphasizes Beijing's intention to enhance policy support and expedite technological advancements to foster the growth of the Web3 industry. By releasing this document, Beijing aims to position itself at the forefront of Web3 innovation and development.

The timing of the white paper's release has drawn attention, particularly from industry insiders. Binance CEO Changpeng Zhao remarked on its interesting timing, pointing out that Hong Kong's new crypto regulations are set to take effect on June 1. Hong Kong's Securities and Futures Commission recently introduced a new rulebook for the crypto industry, enabling retail investors to begin trading crypto from that date.


This move by Hong Kong to attract crypto companies contrasts with the regulatory crackdown on cryptocurrencies currently happening in the United States. China itself banned the use of cryptocurrencies in 2021. However, the release of the Web3 white paper indicates that China may be reconsidering its stance and showing signs of opening up to the industry in some form.

The growing interest in cryptocurrencies is further evidenced by a recent segment aired on China Central Television (CCTV), the state-owned broadcaster. The segment featured the Bitcoin logo prominently, including a Bitcoin ATM in Hong Kong. It also highlighted non-fungible tokens (NFTs). Binance's Zhao noted the significance of this coverage, as similar instances in the past have historically been associated with market upswings. However, the segment has since been removed.


While the United States takes a cautious approach to cryptocurrencies, Hong Kong's efforts to attract crypto companies and China's release of the Web3 white paper indicate a potential shift in the country's attitude toward the industry. As the global landscape of Web3 continues to evolve, Beijing's commitment to fostering innovation and development positions it as a key player in shaping the future of the digital economy.

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