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- 1 The leading Asian economy still keeps its distance from crypto but open arms for blockchain and Web3.
- 2 Web3 is the rising tech anticipated to serve billions of users in the coming years.
China is taking steps towards Web3 industry development in the region. Recently it was reported that Beijing released a whitepaper seeking the promotion of innovation and development of Web3. The release took place in the forum organized at the country’s Silicon Valley, Zhongguancun.
A local media outlet, The Paper, reported the Beijing Municipal Science and Technology Commission released the “Web3 Innovation and Development White Paper (2023).” The information document noted the emerging Web3 technology as a potential trend for developing a broader “Internet industry” in the future.
The commission, also known as the Administrative Commission of Zhongguancun Science Park, has a goal to make the capital city of Beijing a global hub for digital economy innovation.
During the forum, Zhongguancun Chaoyang Park management committee director, Yang Hongfu, said that Beijing’s Chaoyang district plans to spend about 100 million yuan or 14 million USD.
The fund for the development of economic innovation infrastructure will be spent every year until 2025. As the news outlet reported, the whitepaper shows China’s intentions and efforts to strengthen the policy and stimulate technological advancements in the Web3 industry.
China had been sceptical and harsh on cryptocurrencies as the country banned digital assets and all related activities in 2021. However, the underlying blockchain technology and other similar innovations, like Web3, are of keen interest.
The news surfaced amid another instance reported linked with Hong Kong and crypto. The special administrative region is reported to start receiving license applications from crypto companies and exchanges from June 1 2023.
Retail investors were also allowed to trade and make investments in Bitcoin (BTC) and Ethereum (ETH)-like leading cryptocurrencies. However, the administration suggested keeping the operations under the Securities and Futures Commission (SFC) guidelines.
Prominent banks in China reportedly showcased their support for Hong Kong’s plan to become a crypto hub. In response, the growing crypto industry in the region is supposed to benefit the Web3 plans of China.
Earlier TheCoinRepublic reported another leading economy in Asia, Japan, introduced Web3 whitepaper. The government sought to leverage the emerging technology and planned a nation-wide strategy. The whitepaper was launched under the same strategy. Japan had a similar stance towards cryptocurrencies to China, though the country did not ban crypto activities.
Japan is hosting the Group of Seven (G7) Summit 2023—a meet-up event of the world’s top seven economies to discuss a number of subjects and issues. Cryptocurrencies were also said to be part of the discussion during the summit.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
