China Publishes Web3 Whitepaper, Airs Crypto Adoption Video Ad

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.”

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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.

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.

Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.