Beijing Unveils Whitepaper to Promote the Progress of Web3
- A whitepaper titled “Web3 Innovation and Development White Paper” was recently introduced by Beijing authorities.
- The whitepaper recognizes Web3 technology as an “inevitable trend for future Internet industry development.”
- The goal of the whitepaper was to discuss the development of the Web3 industry in Beijing and extend policy support.
- Authorities will provide a minimum of 100 million yuan ($14 million) annually until 2025, said Yang Hongfu.
China has displayed an unsupportive attitude towards the crypto industry in the past few years, and the authorities in the region drove the crypto miners operating in the country to other countries after the activity was deemed illegal. Interestingly, Beijing, the second-largest city in China after Shanghai, has unveiled a whitepaper that aims to support the development of the Web3 industry in the region. The goal is to push advancement in the Web3 industry amid the recent support shown by the authorities in Hong Kong to the crypto and blockchain industries.
The whitepaper has been termed the “Web3 Innovation and Development White Paper” and was introduced at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park. Furthermore, a local news outlet by the name of The Paper, stated that the whitepaper recognizes Web3 technology as an “inevitable trend for future Internet industry development.”
It is crucial to note that the authorities aim to establish Beijing as a global hub for the digital economy, and there are plans to provide a minimum of 100 million yuan ($14 million) annually until 2025. The funding amount was revealed by Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, who also noted that Zhongguancun is commonly recognized as China’s Silicon Valley.
The whitepaper also emphasizes the intentions of extending policy support to develop the Web3 industry in Beijing and expediting technological advancements to accelerate the pace of development of the industry.
On the other hand, the CEO of the world’s largest crypto exchange, Binance, Changpeng Zhao, also known as CZ in the crypto industry, noted that the release of the whitepaper from Beijing authorities is “noteworthy” as Hong Kong, the special administrative region of China, is also set to implement its crypto regulations starting June 1, 2023.
As reported earlier by Bitnation, Beijing has been supportive of blockchain technology and the Web3 industry. Last year, in August, the authorities created an action plan for developing metaverse technology in the city between 2022 and 2024. The metaverse action plan is meant to create an urban technological innovation highland with distinctive digital characteristics, and help the city build a digital economy.
It is important to mention here that last week, the Hong Kong Police Force debuted CyberDefender, a new metaverse platform that aims to educate the citizens of the special administrative region of China about the risks associated with the Web3 industry and blockchain technology. This is because the blockchain technology that gave rise to the Web3 and metaverse industries forms an important link with the traditional finance industry.
The Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force unveiled CyberDefender to prepare citizens against the challenges that the upcoming digital age presents.
“All crimes in the cyberspace could also happen in the metaverse, such as investment frauds, unauthorized access to systems, theft, and sexual offenses,” said the chief inspector of the CSTCB, Ip Cheuk-yu.
On the day that CyberDefender was launched, an event was held called “Exploring the Metaverse,” which spanned three virtual venues with the goal of discussing these issues.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
