In a bold step, Beijing, the capital of China, demonstrated its dedication to the advancement of the Internet on May 27 by releasing an ambitious plan known as the “Web 3.0 Innovation and Development White Paper (2023)”.
The Paper, a local media outlet, has hailed this significant paper as leading to web3 technology as the “unavoidable pathway” for the next growth of the internet sector.
The Beijing Municipal Science and Technology Commission, officially known as the Administrative Commission of Zhongguancun Science Park, was announced during the prestigious Zhongguancun Forum.
The commission’s intention to transform Beijing into a major innovation hub for the developing digital economy was creatively stated. The Chaoyang district of the city will set aside a special budget of at least 100 million yuan (about $14 million) every year until 2025 to make this possible.
This huge project will be staged in Zhongguancun, a busy neighborhood known as the Silicon Valley of China. According to reports, the white paper highlights Beijing’s intention to strengthen policy backing and speed up technological advancements in the Web3 sector.
According to Binance CEO Changpeng Zhao, this statement is especially intriguing because it comes just before Hong Kong’s new cryptocurrency rules are going to be launched on June 1.
In a new regulation published last week, the city’s Securities and Futures Commission (SFC) outlined the regulatory change in Hong Kong and authorized retail investors to engage in cryptocurrency trading beginning on June 1, when the unique licensing system for crypto platforms commences.
Beijing’s white paper is an indication that China is committed to fostering a thriving environment for digital innovation and growth as the Web3 landscape changes. The world will be waiting to see how these daring moves toward a web3 future will play out as the countdown to the implementation of Hong Kong’s new crypto legislation begins.