Beijing releases a historic Web3 White Paper to foster innovation and growth

(Image credit- Beijing is doing a great job of encouraging innovation and growth in the Web3 sector. The "Web3 Innovation and Development White Paper" was recently published at the Zhongguancun Forum, according to a report. The document was released by the Beijing Municipal Science and Technology Commission, commonly known as the Administrative Commission of Zhongguancun Science Park. In this white paper, Web3 technology is acknowledged as a necessary trend for the development of the Internet sector.

An Examination of the White Paper

The commission intends to devote at least 100 million yuan ($14 million) annually through 2025 to making Beijing a well-known international innovation hub for the digital economy. [caption id="" align="aligncenter" width="1500"] Image credit- The Block[/caption] During the forum noted above, Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, announced this money. It is well known for its concentration of technology companies and startups, earning Zhongguancun the nickname "China's Silicon Valley." In order to promote the expansion of the Web3 business, the white paper seeks to strengthen policy backing and quicken technological breakthroughs.

More governments are enforcing crypto regulations

It's interesting that this action was taken now because, on June 1st, Hong Kong will introduce new cryptocurrency legislation. We noted that the Hong Kong Securities and Futures Commission recently unveiled guidelines for the cryptocurrency market that permit regular investors to engage in crypto trading. Although China itself outlawed the usage of cryptocurrencies in 2021, the publication of the Web3 white paper raises the possibility that its position may change. According to reports, Beijing's acceptance of Web3 technology and emphasis on supporting innovation may indicate a more open attitude toward the sector. A cryptocurrency feature that ran on China Central Television, a state-owned broadcaster, on May 23 served to highlight the significance of this development. The Bitcoin logo and a Hong Kong Bitcoin ATM were prominently displayed in the section. Beijing's dedication to fostering Web3 innovation and growth is consistent with the global movement toward investigating decentralized technology. [caption id="" align="aligncenter" width="1140"] Image credit- Coincu News[/caption]   Finance, supply chain, healthcare, and governance are just a few of the areas that might greatly benefit from Web3, often known as the decentralized web or the next development of the Internet. Beijing wants to advance technology and establish itself as a leader in the digital economy by making investments in this developing sector.

Decentralized Technologies and China

The publication of Beijing's Web3 white paper marks a significant advancement in China's approach to decentralized technology as the Web3 industry continues to develop and gather speed. Also read: Netflix Will Eventually Charge More For Password Sharing With Non-Household Members According to the reports, Bali's provincial administration in Indonesia would take action against international tourists who pay with cryptocurrency at hotels, eateries, tourist destinations, shopping malls, and other establishments. At a news conference, Bali Governor Wayan Koster promised that "foreign tourists who behave inappropriately, do activities that are not allowed in their visa permit, use cryptocurrency as a means of payment, and violate other provisions will be dealt with firmly."