- The city wants to become a global innovation center for the digital economy
- The city will spend $14 million a year to achieve this goal;
May 27, the city of Beijing released a whitepaper that aims to promote innovation and the development of the Web3 industry.
The document says that Web3 technology is “an inevitable trend for the future development of the Internet industry.”
Whitepaper was issued by the Beijing Municipal Science and Technology Commission at the Zhongguancun Forum.
At the forum, Yang Hongfu, director of the Zhongguancun Park Management Committee, announced that by 2025, the district will allocate at least 100 million yuan each year (about $14 million) to achieve this goal.
The paper also writes that Beijing plans to increase political support and actively promote technological breakthroughs in the web3 industry to further its development.
Binance CEO Changpeng Zhao called the timing of the whitepaper interesting because digital asset trading will open in Hong Kong starting June 1.
The CFTC of Hong Kong last week introduced new rules for the cryptocurrency industry that will allow retail investors to start trading cryptocurrencies starting June 1.
This will be possible thanks to a new licensing system for cryptoplatforms.
Hong Kong is trying to attract cryptocurrency companies to its region at a time when the U.S. is seeing regulatory restrictions on cryptocurrencies.
The use of cryptocurrencies in China is banned from 2021. However, with the advent of the Web3 White Paper, it seems that the country is opening up to the industry in some form.