Beijing, China's capital city, 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 future Internet industry development," according to a report from local news outlet The Paper. 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 construct 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 (around $14 million) every year until 2025, Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, reportedly said at 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 technological breakthroughs to promote the web3 industry.
Timing of the release is 'interesting'
The timing of the white paper release is "interesting," according to Binance CEO Changpeng Zhao, who noted that Hong Kong's crypto rules kick off on June 1.
Hong Kong's Securities and Futures Commission released a new rulebook for the crypto industry last week, stating that retail investors can start trading crypto from June 1, when a new licensing regime for crypto platforms begins.
Hong Kong's attempt to attract crypto firms in the region comes at the same time as a regulatory crackdown on crypto in the U.S. As for China, it prohibited the use of cryptocurrencies in 2021. But with the release of the web3 white paper, it appears to be opening up to the industry in some form.
Earlier this week, state broadcaster China Central Television (CCTV) broadcast a segment about cryptocurrencies that featured the Bitcoin logo, which was a "big deal," according to Binance's Zhao, as "Historically, coverages like these led to bull runs."
The segment featured what appeared to be a Bitcoin ATM in Hong Kong. Besides a large blue Bitcoin logo, an option that said "Buy Bitcoins" was visible. NFTs were also highlighted in the segment. But the segment has since then been taken down.
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