Beijing White Paper Pushes Web3 Innovation and Development Amid Hong Kong Crypto Regulation
Beijing's municipal government recently unveiled a white paper aimed at fostering innovation and advancing the Web3 industry. The Web3 Innovation and Development White Paper recognizes Web3 technology as an "inevitable trend for future Internet industry development."
The commission plans to allocate a minimum of 100 million yuan ($14 million) annually until 2025 to establish Beijing as a prominent global innovation hub for the digital economy. This push comes amid Hong Kong's regulatory efforts to attract crypto companies, which starkly contrasts with the U.S. approach.
While China previously banned the use of cryptocurrencies in 2021, it appears to be showing signs of opening up to the industry with this white paper. The cryptocurrency segment aired on China Central Television, featuring Bitcoin and NFTs, also highlights the country's changing stance towards the industry.
Overall, these developments indicate that the cryptocurrency world is constantly evolving, and investors must stay informed about the latest news and trends to make the best investment decisions.