China reveals its interest in Web3 by publishing a white paper on its development. Focused on non-fungible tokens (NFT), AI and virtual reality, the country wants to explore the possibilities offered by Web3. This initiative follows the recent opening of the cryptocurrency market in Hong Kong, as highlighted by Changpeng Zhao, CEO of Binance.
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China shows interest in Web3
This day, Beijing released its “White Paper on Web 3.0 Innovation and Development” aiming to outline its future efforts to make Web3 and the metaverse one of its priorities in the coming years.
Coincidence or not, this news comes just a few days after Hong Kong announced that its citizens would now have access to the cryptocurrency market (hitherto reserved for professionals) from June 1, in an ecosystem regulated by the Securities and Futures Commission (SFC). A timing that will not have escaped Changpeng Zhao, CEO of Binance :
Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. pic.twitter.com/0Ts1UB0jnL
— CZ 🔶 Binance (@cz_binance) May 27, 2023
The announcement was made at the Zhongguancun Forum, entitled this year “Open cooperation for a shared future” in the technology park nicknamed “Chinese Silicon Valley”. Specifically, the white paper was introduced by the Beijing Municipal Science and Technology Commission, tasked with making the capital an international innovation hub in the digital sector.
To achieve this, the Chaoyang district (a district of Beijing) intends to spend the equivalent of $14 million annually until 2025according to the director of the forum.
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Web3: metaverse, augmented reality and AI
Based on the information revealed through this white paper and local media reports, it seems that China was careful not to mention cryptocurrencies. However, this is not too surprising, the country of Xi Jinping purely and simply prohibiting the use of the latter.
Also, it is rather mentioned non-fungible tokens (NFT), artificial intelligence (AI) and virtual reality, which would logically include the metaverse. About thirty cities will support the development of these measures, each with its own specialty. For example, the Thongzhou district will promote modernized cultural tourism, while the Chaoyang district will organize the promotion of business innovation, and so on.
We can thus read in the document:
“Web 3.0 is a collection of modern science and technology, an inevitable trend for the future development of the web industry, a three-dimensional space with a highly immersive interactive experience and a fusion of reality and imagination. »
Faced with the repression exerted by the United States on companies operating in the crypto sector, could China reconsider its position? As we said a few months ago, China tends to use Hong Kong as a “base for experimentation” in order to see what advantages it could draw from certain policies. And regarding Hong Kong, the region continues to open up to cryptocurrencies.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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