Beijing is making significant strides in fostering innovation and development in the Web3 industry.
The Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, recently unveiled the "Web3 Innovation and Development White Paper" at the Zhongguancun Forum, Cointelegraph tells us in a report.
This white paper recognizes Web3 technology as an inevitable trend for the future of the Internet industry.
A Closer Look at the White Paper
To establish Beijing as a prominent global innovation hub for the digital economy, the commission plans to allocate a minimum of 100 million yuan ($14 million) annually until 2025.
This funding announcement was made by Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, during the forum mentioned above.
Zhongguancun, often referred to as China's Silicon Valley, is renowned for its concentration on technology companies and startups.
The white paper aims to enhance policy support and expedite technological advancements in order to foster the growth of the Web3 industry.
More Governments Implement Crypto Regulations
This move comes at an intriguing time, as Hong Kong is set to implement new cryptocurrency regulations on June 1. We reported that the Securities and Futures Commission of Hong Kong recently introduced a rulebook for the cryptocurrency industry, allowing retail investors to participate in crypto trading.
China itself banned the use of cryptocurrencies in 2021, but the release of the Web3 white paper suggests a potential shift in its stance. Cointelegraph tells us that Beijing's recognition of Web3 technology and its focus on fostering innovation could signify a more open approach to the industry.
The significance of this development is further emphasized by a cryptocurrency segment that aired on China Central Television, a state-owned broadcaster, on May 23. The segment prominently featured the Bitcoin logo and a Bitcoin ATM in Hong Kong.
Beijing's commitment to supporting Web3 innovation and development aligns with the global trend of exploring decentralized technologies.
Web3, often referred to as the decentralized web or the next evolution of the internet, holds immense potential for various industries, including finance, supply chain, healthcare, and governance.
By investing in this emerging field, Beijing aims to position itself at the forefront of the digital economy and promote technological progress.
China and Decentralized Technologies
As the Web3 industry continues to evolve and gain momentum, the release of Beijing's Web3 white paper signifies a significant step forward in China's approach to decentralized technologies.
In Other News
As reported by CNA, the provincial government of Bali in Indonesia will crack down on foreign visitors who use cryptocurrencies as a payment method in hotels, restaurants, tourist attractions, shopping centers, and other establishments.
"Foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use crypto as a means of payment, and violate other provisions will be dealt with firmly," said Bali Governor Wayan Koster at a press conference.
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