China has been known for its hard stance on trading and owning cryptocurrencies like Bitcoin and Ethereum. However, the country seems to be opening up to some parts of the industry. Despite its strict cryptocurrency regulations, China is pushing for the development of Web3.
Web3: Future Internet Industry Development
During the parallel forum of the 2023 Zhongguancun Forum called Web3: Future Internet Industry Development, the Beijing Municipal Science and Technology Commission, alongside the Zhongguancun Science and Technology Park Management Committee, released a joint paper called Beijing Web3 Innovation and Development. The white paper describes Web3 as a technology that represents a considerable breakthrough and is an “inevitable trend in the future development of the Internet industry, and a three-dimensional space with highly immersive interactive experience and fusion of virtual and real.”
Global Web3 Industry
According to the white paper, local reports claim that the US is leading the development of the global Web3 industry while the EU is paying attention to privacy protection policies. Japan and South Korea are also aiming to become leaders of Web3.
Beijing’s Leading Position in Web3 Industry
The white paper outlines that Beijing is in a leading position in terms of Web3 industry development. The Chaoyang District plans to invest no less than 100 million yuan “in special funds every year to support the construction of the Web3 industrial ecosystem.” This is worth around $14 million.
Despite China’s overall negative stance towards cryptocurrencies, the move towards Web3 development is a significant step in the right direction for the country’s technology industry. The development of Web3 in China will attract more foreign investment and talent, which will help boost the country’s economy.
China’s push for Web3 development represents a significant shift in the country’s attitude towards the technology industry. The move towards Web3 development will not only benefit China’s economy but will also have a positive impact on the global technology industry.