A new white paper document has been released by Beijing, the capital city of China, with the aim of promoting innovation and development in the web3 industry.
The document outlines the city’s plan to support the growth of web3 technologies, including blockchain, AI, and IoT. This white paper’s release aligns with China’s efforts to position itself as a leader in the progression of web3 technologies.
BREAKING: 🇨🇳 China Beijing’s Web3 White Paper Unveils Stunning Plans for #Crypto Innovation and Development 🔥
You Won’t Believe What This Means for the Future #Bitcoin and Web3 🚀
A thread 🧵 pic.twitter.com/2Cj1YlvA2h
— Keyur Rohit (@CryptoKingKeyur) May 27, 2023
Significance of this White Paper
The objective of the commission is to establish Beijing as a top innovation hub for the global digital economy. To make this a reality, the city’s Chaoyang district has committed to setting aside at least 100 million yuan (approximately $14 million) each year until 2025, according to Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee. Zhongguancun, often referred to as China’s Silicon Valley, is located within the Chaoyang district.
The CEO of Binance, Changpeng Zhao, has expressed his interest in the timing of the white paper release, finding it intriguing. He noted that this coincides with the commencement of crypto regulations in Hong Kong on June 1.
The Securities and Futures Commission of Hong Kong recently unveiled a fresh set of regulations for the crypto sector. These regulations authorize retail investors to engage in crypto trading from June 1, which is also the day a new licensure system for crypto platforms becomes effective.
Hong Kong is actively trying to attract crypto firms to establish themselves in the region, despite the US imposing stricter regulations on cryptocurrencies. In contrast, China has prohibited the use of cryptocurrencies since 2021. Despite this, the publication of the web3 white paper suggests that China may be slowly opening up to the crypto industry in certain ways.
China Crypto Market
China’s recent regulatory measures aimed at curbing cryptocurrency mining and trading have had a significant impact on the country’s cryptocurrency market, causing instability and disruption. However, Mainland China remains the largest cryptocurrency market in East Asia, with a transaction turnover exceeding $220 billion from June 2021 to July 2022, ranking fourth globally. Moreover, China’s bitcoin mining hashrate holds a 21.1% share of the global total.