China Releases Whitepaper for Web3 Innovation and Development
The whitepaper focuses on different fundamental research areas in the Web3 industries which include artificial intelligence (AI), XR interactive terminals, and content production tools.
Beijing’s municipal government released a whitepaper that solely focuses on the advancements and innovations taking place within the Web3 industry in China. The Beijing Municipal Science and Technology Commission revealed the “Web3 Innovation and Development White Paper” at the Zhongguancun Forum.
As per the local news outlet, the paper identifies Web3 technology as an “inevitable trend for future Internet industry development”. Although Beijing has been strict against taking any accommodative stand toward digital assets, it remains quite interested in the Web3 industry.
Furthermore, reports suggest that Beijing is planning a re-entry into the crypto space through Hong Kong. As China seeks to establish itself as the global innovation hub for the digital economy, the Commission is planning to allocate a total of 100 million yuan ($14 million) annually until 2025 for different Web3 initiatives.
During the current forum, Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, revealed the funding. He also referred to the Zhongguancun region as China’s Silicon Valley.
The reports note that the whitepaper emphasizes Beijing’s intention in enhancing policy support as well as expediting the technological advancements required to push the growth of the Web3 industry.
Key Focus Areas of the Web3 Industry in China
The whitepaper focuses on different fundamental research areas in the Web3 industries which include artificial intelligence (AI), XR interactive terminals, and content production tools. Besides, it also acknowledges the growth of emerging applications such as digital populations and collections.
Additionally, it also recognizes developmental challenges along with the need for policy changes. The paper reads:
The white paper proposes that the current development of the Internet 3.0 industry in Beijing still faces challenges in terms of technical and talent support capabilities, industrial chain integrity, and legal norms based on the analysis and judgment of the status and trends of the Internet 3.0 development.
China’s white paper release has triggered reactions due to its history with cryptocurrencies. Binance CEO mentioned the intriguing timing of the release alongside Hong Kong’s upcoming crypto regulations. He noted:
“Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong.”
Starting June 1st, it is highly likely Hong Kong will start allowing retail crypto investors to start trading digital assets such as Bitcoin and Ether. Earlier this year, Hong Kong’s Financial Secretary, Paul Chan, announced the completion of the government’s crypto regulation framework. He also highlighted Hong Kong’s dedication to fostering the growth of the Web3 industry and becoming a crypto innovation hub.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
