Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Beijing’s Digital Ambitions: A Deep Dive into the Web3 Innovation and Development White Paper
The Block | Yogita Khatri | May 27, 2023
Beijing has released a comprehensive white paper, titled "Web3 Innovation and Development White Paper (2023)," promoting the advancement of web3 technologies.
- China's Evolving Crypto Stance:
- Beijing's authorities view web3 as a pivotal trend in the internet industry's evolution.
- They're committing substantial resources, with Beijing's Chaoyang district pledging 100 million yuan (~$14 million) annually until 2025, to transform Beijing into a global digital economy innovation hub.
- Despite banning cryptocurrency use in 2021, China seems to be progressively warming up to the crypto industry. The white paper signals this shift, with Beijing actively promoting the development of web3, a technology intimately tied to blockchain and cryptocurrencies.
- This week's segment by China Central Television, featuring Bitcoin and NFTs - though subsequently removed - further corroborates the softening stance.
See: 10 Most Innovative Companies in 2023: Blockchain, Crypto, Metaverse, Web3
- Synchronized Timing:
- The release of Beijing's web3 white paper coincides interestingly with new crypto regulations in Hong Kong.
- Binance CEO Changpeng Zhao pointed out that Hong Kong's new crypto rules come into effect from June 1, indicating a broader shift in Asia's digital economy and regulatory landscape.
- This timing suggests a coordinated regional strategy towards the growing crypto and web3 sector.
Continue to the full article --> here
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