Beijing Unveils Web3 Innovation Plan, Positioning Itself as a Global Digital Hub
China's Changing Stance: Embracing Web3 Technology and Cryptocurrencies
Mon, 29 May 2023, 04:11 am UTC
In a move that signals a potential shift in China's attitude towards the digital economy, Beijing's city administration has recently published an ambitious plan to foster innovation and bolster the burgeoning Web3 sector. The strategy was unveiled at the notable Zhongguancun Forum, held under the auspices of the Beijing Municipal Science and Technology Commission – widely recognized as the governing body of the Zhongguancun Science Park, often likened to China's version of Silicon Valley.
This significant blueprint, titled the "Web3 Innovation and Development White Paper," shines a spotlight on the inevitability of Web3 technology shaping the future landscape of internet industries. Local news media outlet, The Paper, has drawn attention to this exciting development and its promising prospects for Beijing.
The administration's intent to transform Beijing into a leading global hub of digital innovation becomes evident with the allocation of no less than 100 million yuan, or around $14 million, annually until 2025. During the forum, Yang Hongfu, the head of the Zhongguancun Chaoyang Park management committee, announced this bold financial commitment.
This comes in the wake of last week's announcement from the Securities and Futures Commission of Hong Kong that retail investors will soon be permitted to partake in cryptocurrency trading. This development starkly contrasts the American regulatory stance on cryptocurrencies and indicates a clear divergence in policy between the East and the West.
Despite China's 2021 cryptocurrency ban, it seems that with the advent of the Web3 white paper, Beijing may be gearing up to embrace this industry. Recent coverage of the cryptocurrency segment on China's state-run television network, China Central Television, has also hinted at a changing tide. This included a feature on Bitcoin and non-fungible tokens, though the segment has since been taken down. Such developments could herald a new era in China's relationship with digital currencies.
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