Beijing’s municipal government has released a white paper regarding the development of the local Web3 industry.
Beijing Government Releases Web3 White Paper
Beijing’s municipal government has released a white paper regarding the development of the local Web3 industry. Unveiled at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, the “Web3 Innovation and Development White Paper” recognizes the significance of Web3 technology for future internet industry development. Beijing plans to allocate at least 100 million yuan ($14 million) annually until 2025 to establish itself as a global innovation hub for the digital economy. The white paper emphasizes Beijing’s intention to implement policies to foster the growth of the Web3 industry.
The timing of the white paper release is noteworthy, coinciding with the implementation of new cryptocurrency regulations in Hong Kong. The Securities and Futures Commission of Hong Kong recently announced a new rulebook for the crypto industry, allowing retail investors to engage in crypto trading starting from June 1. China banned the use of cryptocurrencies in 2021, but the release of the Web3 white paper suggests a potential opening up to the industry. A news segment featuring Bitcoin also recently aired on China Central Television, signaling a potential shift in government policy. Binance CEO Changpeng Zhao highlighted the significance of this coverage, historically correlating with market upswings, although the segment has since been removed.