- China released a whitepaper aimed at promoting Web3 innovation within its shores.
- The country’s Silicon Valley will commit 100 million yuan for Web3 yearly until 2025.
- Last week, China’s largest television channel aired an ad about crypto adoption in Hong Kong.
China has unveiled a whitepaper aimed at promoting the innovation and development of the web3 industry. Titled “Web3 Innovation and Development White Paper (2023),” the document highlights web3 technology as an “inevitable trend for future Internet industry development.”
The whitepaper release took place at the Zhongguancun Forum, with the Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, leading the initiative.
According to a report from local news outlet The Paper, the document emphasizes the commission’s vision of establishing Beijing as a global innovation hub for the digital economy.
As part of this goal, the Chaoyang district of Beijing, often referred to as China’s Silicon Valley, has committed to allocating a minimum of 100 million yuan (approximately $14 million) annually until 2025.
The white paper outlines Beijing’s objective to bolster policy support and expedite technological breakthroughs in order to drive the growth of the web3 industry. By providing a conducive environment for innovation and development, Beijing aims to attract talent, foster entrepreneurship, and position itself at the forefront of web3 advancements.
Beijing as Web3 Innovation Hub
With this strategic move, Beijing intends to capitalize on the potential of web3 technologies, which encompass decentralized systems, blockchain, cryptocurrency, and other emerging digital innovations.
By embracing this “inevitable trend,” the city aims to create a thriving ecosystem that nurtures web3 startups, encourages collaboration between industry players, and propels the digital economy forward.
Read CRYPTONEWSLAND on
google news
The white paper’s release sets the stage for the realization of Beijing’s vision to become a global hub for web3 innovation, and its impact is expected to extend beyond the city’s borders, influencing the broader development of the web3 industry within China and potentially on a global scale.
Crypto Video Ad Aired in Mainland China
Last week, China Central Television (CCTV), China’s largest state broadcaster, also aired a segment on May 23 discussing the adoption of cryptocurrencies in Hong Kong. The segment shed light on the regulatory progress made by Hong Kong authorities, signaling a potential shift in the region’s stance towards virtual assets.
According to CCTV, Hong Kong regulators have reportedly completed their final preparations for the trading of virtual assets within the special administrative region. The segment further revealed that the authorities are now ready to accept applications from virtual asset trading platforms, opening up possibilities for increased cryptocurrency activity in Hong Kong.
Interestingly, the 98-second segment refrained from making overtly negative comments about cryptocurrencies. This is in stark contrast to the stringent regulations imposed by mainland China, which includes a blanket ban on cryptocurrency mining and exchanges. However, the ownership of cryptocurrencies remains permissible in mainland China.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
