The Beijing Municipal Science and Technology released a web3 innovation and development whitepaper on Saturday in the Zhongguancun Forum, as stated in China’s local news, The Paper, where it paraded web3 as an “inevitable trend for future internet industry development.”
As stated in the report, Beijing will commit 100 million yuan (over $14 million) every year till 2025 to improve the adoption and advancement of the Internet 3 sector in the state. Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, noted that it aims to build up and establish China’s capital as a global hub for web3 innovation.
Named the “White Paper,” the commission sees web3 as the master of modern science and technology and a fusion of virtual and reality. Hence, the white paper describes the system architecture, the development status, and the development plans to further the adoption of the sector in Beijing.
Interesting Timing for Release: CZ
Following the White Paper release, Binance’s CEO, Changpeng Zhao, took to Twitter to express what he saw as an interesting timing. CZ noted there was no better time for the release than close to the June 1 Hong Kong retail trading launch.
Hong Kong stated earlier last week that it would allow licensed crypto exchanges to offer digital asset services to retail traders come June 1. However, Hong Kong’s Securities and Futures Commission (SFC) insisted trading platforms must oblige to guidelines or risk revoking their licenses.
Acceptance at Last?
The release of the White Paper has further intensified speculation that China might be on its way to accepting Bitcoin and digital innovations again. The country banned crypto mining and all digital asset activities years ago but seems to be returning to the increasingly growing sector.
Earlier this year, some Chinese banks reached out to crypto firms based in Hong Kong and supported their crypto push by offering them banking services. China Central Television (CCTV), a top broadcasting station in the Asian country, hosted an on-air section featuring the Bitcoin logo. The segment discussed Bitcoin ATMs in Hong Kong and boldly showed a “Buy Bitcoins” option.
Among other things, the broadcast caught the attention of Zhao, who stated that it was a “big deal” and noted that coverage like this had previously sparked bull runs. CZ, however, clarified that it was mere speculation from him and not financial advice.
