Beijing's municipal government has released a white paper to encourage creativity and advance the Web3 industry.



At the Zhongguancun Forum, the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, unveiled the "Web3 Innovation and Development White Paper." According to The Paper, a local news outlet, the document acknowledges Web3 technology as an "inevitable trend for future Internet industry development."


Fully intent on laying out Beijing as a conspicuous worldwide development center for the computerized economy, the commission intends to disburse at least 100 million yuan ($14 million) a year until 2025. During the forum, Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, disclosed the funding, pointing out that Zhongguancun is frequently referred to as China's Silicon Valley.


As per reports, the white paper stresses Beijing's goal to upgrade strategy support and speed up innovative progressions to encourage the development of the Web3 business.



Retail investors will be able to participate in cryptocurrency trading beginning on June 1, in conjunction with the implementation of a new licensing framework for cryptocurrency platforms, according to the Securities and Futures Commission of Hong Kong's announcement of a new rulebook for the cryptocurrency industry last week.


Related: China dispatches public blockchain focus to prepare a portion of 1,000,000 trained professionals


While the US is presently getting serious about digital forms of money, Hong Kong's endeavors to draw in crypto organizations distinctly contrast the U.S. approach. In 2021, China outlawed the use of cryptocurrencies. However, China appears to be opening up to the industry in response to the Web3 white paper's release.


On May 23, a digital money fragment circulated on the state-claimed China Focal TV, noticeably including the Bitcoin BTC logo and a Bitcoin ATM in Hong Kong, which has historically been associated with market expansions. Nonfungible tokens were also the focus of the segment, but it has since been removed.


(Coin Telegraph, Amara Nwaokocha, 2023)