According to the document, Beijing plans to become an international innovation center for the digital economy.
Beijing’s local government on Saturday released a white paper outlining plans and challenges for development of the city’s Web 3.0 industry, reported the local edition of The Paper. Web 3.0 usually refers to the next stage of Internet evolution, where decentralized blockchain technology, NFT (non-fungible tokens) and a metaverse where power is not concentrated in the hands of certain companies or people will play a defining role.
The paper says that Web3 technology could enhance communication between humans and improve the efficiency of economic activities and is "an inevitable trend for the future development of the Internet industry." According to the white paper, Beijing plans to become an international innovation center for the digital economy.
A representative of Zhongguancun Science and Technology Center in Beijing said the Chaoyang City District plans to invest at least 100 million yuan ($14.1 million) a year in local Web3 industries.
Changpeng Zhao, founder of cryptocurrency exchange Binance, noted that the release of the white paper is “interesting timing” as a new regulatory regime on cryptocurrency trading platforms is set to take effect on June 1 in Hong Kong.
China banned crypto trading on the Chinese mainland in September 2021, but it has taken a different approach to the potential in blockchain technology. Last week, the municipal government of Zhengzhou, the capital of China’s Henan Province, issued proposals to support metaverse companies, including setting up a 10 billion yuan fund dedicated to the industry.
Sources: Yahoo Finance