Beijing Municipal Science and Technology Commission published a whitepaper titled “Web3 Innovation and Development Whitepaper (2023)” to promote the development of the web3 industry. The document outlines the city’s ambition to become a global hub for digital innovation. It highlights the importance of Web3 technology for the future of the Internet industry. This development also caught the attention of Changpeng Zhao, CEO of the leading Binance exchange. Here are the details…
China releases Web3 report
According to local news outlet The Paper, the whitepaper recognizes web3 technology as an “inevitable trend” for the future and highlights the importance of policy support and technological breakthroughs to accelerate its growth. The publication of this whitepaper comes at a time when Beijing aims to strengthen its position in the digital economy. A notable aspect of the whitepaper’s release timing is its correlation with Hong Kong’s upcoming crypto rules, which are scheduled to go into effect on June 1.
The new rulebook, recently implemented by the Hong Kong Securities and Futures Commission, allows individual investors to start trading cryptocurrencies. This move by Hong Kong aims to attract crypto firms to the region. Binance CEO Changpeng Zhao, commonly known as CZ, commented on the timing of the whitepaper release. He finds this interesting in light of Hong Kong’s soon-to-be-enacted crypto regulations.
Binance CEO: Timing is interesting
In addition, Zhao highlighted an interesting segment earlier this week when state broadcaster China Central Television (CCTV) aired an episode featuring cryptocurrencies. The segment featured the Bitcoin logo and highlighted the presence of a Bitcoin ATM in Hong Kong. According to Zhao, such posts have historically led to bull runs in the crypto market. However, the segment has since been removed.
Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. pic.twitter.com/0Ts1UB0jnL
— CZ 🔶 BNB (@cz_binance) May 27, 2023
The release of the Web3 white paper and the recent television segment featuring cryptocurrencies indicate a potential shift in China’s attitude towards the industry. As the crypto world continues to evolve, eyes will be on how China’s approach to web3 technology will evolve and its impact on the wider cryptocurrency industry. In addition, investors will watch “Chinese coins” with interest. As is known, “Chinese coins” does not refer to a specific cryptocurrency. However, it can be used to describe cryptocurrencies originating in or associated with Chinese projects or companies. These include coins such as Conflux (CFX), Neo (NEO), Tron (TRX), VeChain (VET).
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