• Thu. May 30th, 2024

China Issues Whitepaper For Web 3.0 Development And Innovation

Phillip Seefeldt

ByPhillip Seefeldt

May 29, 2023

The recent hype surrounding the Web3 world has been driving its adoption around the world to a great extent. This has gained the attention of several jurisdictions. As a result of this, many countries are attempting to deal with this rapidly growing interest within the burgeoning tech space. Some of them are currently endeavoring to come up with adequate regulatory agendas for the regulation of this world while others are doing otherwise.

China Introduces Whitepaper to Foster Web3 Development and Innovation

The municipal government of Beijing has recently issued a whitepaper to solely focus on the development as well as innovation occurring within the Web3 sector within the Chinese jurisdiction. The Beijing Municipal Science and Technology Commission disclosed the “Web3 Innovation and Development White Paper.” The disclosure of the respective white paper was carried out at the Zhngguancun Forum.

According to the reports published by the local news outlets, the paper puts great emphasis on Web3 technology and categorizes it as an inevitable sector for the future growth of the internet industry. Beijing’s stance is very stringent in the case of digital assets and the crypto space. On the other hand, it has shown a great interest in the sector of Web3 within the Chinese region.

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Moreover, reports bring to the front that Beijing has a strategy to re-enter the world of crypto via Hong Kong. China is attempting to turn into a worldwide innovation center for digital finance. In this respect, the Commission plans to allocate a cumulative 100M yuan (up to $14M) yearly for several initiatives within the Web3 sector until the year 2025.

During the present forum, the funding was revealed by Yang Hongfu (the Zhongguancun Chaoyang Park management committee’s director). He additionally pointed toward the Zhongguancun area as the Silicon Valley of China. The reports specify that the white paper stresses the intention of Beijing in providing additional policy support and speeding up the technological developments needed to drive progress in the Web3 industry.

The whitepaper specifies diverse fundamental research zones in the Web3 markets, taking into account content production as well as artificial intelligence-related instruments. Moreover, it also admits the presence of developmental difficulties along with the requirement for policy modifications. The paper mentions that the present progress of the Web3 3.0 sector in Beijing is still experiencing challenges related to the capabilities.

The respective capabilities deal with legal norms, the integrity of the industrial chains, and support for technological and talent-related development. The release of the whitepaper by China has ignited responses because of the country’s historical performance in the case of crypto assets.  Changpeng Zhao, the chief executive officer of the well-known crypto exchange platform, has talked about the interesting timing of the respective release.

Hong Kong Provides Supportive Environment for Crypto Investors

The release parallels the looming crypto-related regulations of Hong Kong. This also signifies the growing interest in this sector. Hong Kong’s endeavor is planned for the upcoming month. The expectations about the next move to be taken by the Hong Kong authorities are quite optimistic.

It seems that Hong Kong will let the crypto investors begin crypto trading with digital assets like Ether and Bitcoin. Formerly, Paul Chan (the Financial Secretary of Hong Kong) declared the accomplishment of the agenda covering crypto assets.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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