China Releases Web3 White Paper; Crypto Community Reacts

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The global community of cryptocurrency users and watchers remains keenly interested in China’s changing stance on cryptocurrencies. The country previously took an aggressive approach to the nascent industry by imposing strict regulations, banning initial coin offerings (ICOs) and restricting the operations of cryptocurrency exchanges.

Are cryptocurrencies coming back to China?

Marking a notable turn, China has shown an unexpected shift in perspective by embracing the possibilities offered by various cryptocurrency-related industries. This dramatic change in attitude became evident with the recent release of the “Web3 Innovation and Development White Paper”.

This influential publication, published at the prestigious Zhongguancun Forum, is credited to the Beijing Science and Technology Commission, the Zhongguancun Science and Technology Park Management Committee. The release of this white paper convincingly demonstrates China’s renewed interest in and recognition of the potential of the cryptocurrency industry.

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Through recent documents, observers believe that the country has recognized the inevitable Web3 trend and is preparing to include it as part of China’s future development plans. The white paper primarily contains a comprehensive exploration of key research areas within the Web3 industry.

It places particular emphasis on technological advancement, delving into key areas such as artificial intelligence (AI), extended reality (XR) interactive endpoints and innovative content production tools. By highlighting these specific research areas, the white paper demonstrates a forward-looking approach to harness the potential of Web3 technologies and push the industry to new heights.

As a core mission, the committee aims to position Beijing as an important global innovation center for the Crypto economy. To realize this ambitious vision, the government plans to allocate at least 100 million yuan ($14 million) annually to the commission until 2025.

This significant financial commitment reflects the government’s unwavering commitment to fostering a thriving innovation ecosystem and placing Beijing at the forefront of the development of the global Crypto economy. During the discussion, Yang Hongfu, director of the management committee of Zhongguancun Chaoyang Park, made a major announcement about the government’s massive financial commitments.

He said the fund commitment underscored the government’s strong determination to create an environment that nurtures and fosters breakthrough technological advances.

Challenges and Signals of Optimism

The release of the white paper shows a significant move by China to embrace the potential of Web3 technology and acknowledges the challenges that must be effectively addressed. More importantly, it highlights the need for policy changes to address and overcome these obstacles.

As stated in the document, the sustainable development of the Internet 3.0 industry in Beijing is facing various challenges that require attention. These challenges include limitations in technical infrastructure and talent support capabilities, ensuring the integrity of the industrial chain, and establishing sound legal norms.

Recent developments in China have drawn great interest from industry watchers, raising questions about the country’s negative stance on crypto. A notable incident recently caught the attention of the cryptocurrency community. China Central Television (CCTV), a state-owned broadcast network, devoted a segment of its program to discussing cryptocurrencies.

The unexpected coverage of crypto by a central mainstream media platform has piqued curiosity and intensified discussions around China’s new stance on Crypto assets.

Meanwhile, Binance CEO Changpeng Zhao pointed out that China’s Web3 ambitions deserve attention.

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Information source: compiled from HERALDSHEETS by 0x information.The copyright belongs to the author George Ward, and shall not be reproduced without permission

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