China has revealed its plans for Web3.
The Asian giant has caught the attention of the entire crypto community with the publication of the Beijing 3.0 Internet 2023 Innovation and Development White Paper.
One of China's main goals is to become the world leader in innovation and technological development, and to do so it is investing in blockchain technology and Web3.
The country's government has invested massively in creating its own blockchain, called Blockchain Services Network (BSN), as well as in building a National Innovation Center powered by Blockchain for the training and development of young talents and for promoting new projects and solutions. China has also implemented policies that are friendly to the comprehensive development of blockchain and is now making a strong commitment to the new generation of the Internet, Web3.
Recently, the Chinese government shared its plans for Web3. The nation wants to accelerate its development and modernization by leveraging emerging technologies to create a more favorable environment for entrepreneurship, collaboration, and innovation.
Beijing Internet 3.0 Innovation and Development White Paper 2023
The Beijing Web3 white paper was published by the city's Municipal Science and Technology Commission at the Zhongguancun Forum this week. According to local media, the Chinese capital has identified the advantages and challenges of Web3 and has outlined the goals it needs to achieve in order to become one of the world's largest innovation hubs.
$14 million a year for Web3
Although China has banned the use of cryptocurrencies, the country has made significant progress in the blockchain industry and is going all-out on Web3 to revolutionize the Internet industry.
According to the Beijing city government, Web3 is an inevitable trend for the future, which is why its white paper on innovation and development set out as its main objective to further consolidate the consensus in this sector to promote industrial, economic and social development.
Meanwhile, in Chaoyang District, one of the 16 districts belonging to the city of Beijing, the Zhongguancun Science Park Administrative Commission reported that 100 million yuan (about $14,1 million) per year will be allocated to promoting this technological innovation.
Incorporating emerging technologies
Beijing also stressed the need to develop new regulations to create a favorable regulatory environment for the adoption of new technologies, in order to encourage Web3 entrepreneurship, development and innovation.
The new generation of the Internet It is built around technologies such as blockchain, the metaverse and non-fungible tokens (NFT), so all of these are included in the city's plans to develop new capabilities that will allow it to lead the Internet 3.0 industry.
A race to lead blockchain industry innovation
For many in the crypto community, the publication of the Beijing 3.0 Internet 2023 Innovation and Development White Paper is no coincidence.
Hong Kong, one of two special administrative regions in China and one of the world's leading technology hubs, is just days away from opening up access to cryptocurrencies to retail investors, who will be able to trade several of the market's leading crypto assets in a regulated manner later this year. In relation to this, Binance CEO Changpeng Zhao, said that it was an interesting time for cryptocurrencies in China, alluding to the release of Beijing's Web3 white paper and the New Policies for Cryptocurrency Retail Trading which will come into effect in Hong Kong on June 1, two years after the Chinese government banned cryptocurrency trading and mining in the country.
Tron founder Justin Sun also commented that China’s adoption of Web3 marks a milestone for the cryptocurrency industry. According to Sun, the nation is making significant strides toward recognizing the transformative potential of decentralized systems and blockchain-based solutions.
Several jurisdictions in China have begun a race to lead the development of the industry and become the world's technology capitals.
As reported by Bit2Me News, the city of Fuzhou recently unveiled a new digital policy plan to accelerate the development of blockchain technology, the same for Zhejiang Province, which unveiled a plan for the development of the metaverse in December, and Hunan Province, which aims to be the global heart of blockchain.
In its white paper, Beijing also highlighted the interest Web3 is generating around the world, with countries such as the United States, Japan and members of the European Union making increasing efforts to lead Internet 3.0.
Continue reading: Fuzhou announces new digital policies to attract blockchain industry companies
