Beijing, China plans to invest more than 2 billion yen a year to strengthen policy support for Web3 industries - OhNo WTF Crypto

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Beijing, China plans to invest more than 2 billion yen a year to strengthen policy support for Web3 industries


“Web3 is an inevitable trend”

The Science and Technology Commission of Beijing, China has released a white paper titled “Web3 Innovation and Development in Beijing”. Web3 says it’s an inevitable trend in the future of the Internet.

Beijing’s Chaoyang district also plans to invest more than 2 billion yen (100 million yuan) each year to develop the Web3 industry. 27, local media reported.

The Beijing Municipal Science and Technology Commission is also known as the Beijing Zhongguancun Science Park Management Commission. Zhongguancun is home to a concentration of IT companies and, along with Shenzhen, is also known as China’s Silicon Valley.

The committee pointed out that the Web3 industry is being developed around the world. In China, Beijing is in a position to lead China in the development of the Web3 industry in terms of policy efforts, innovative enterprises, and scientific research infrastructure.

He added that the city of Beijing is planning and launching a series of initiatives on technology platforms, implementation scenarios, and oversight mechanisms to become a hub of Web3 innovation with international impact. .

On the other hand, he also pointed out problems. The development of the Web3 industry in Beijing still faces challenges in terms of technology and talent support, industry chain integration, and legal regulations.

As the next step, Beijing will strengthen policy support for Web3, promote technology research and common platform construction, develop Web3 adoption scenarios, risk management, etc., to build a better ecosystem for the development of Web3. said to go.

Chaoyang Ward to invest more than 2 billion yen annually

In addition, at the Web3-related forum where this white paper was published, the director of the Zhongguancun Chaoyang Park Management Committee said that Beijing’s Chaoyang District will invest about 2 billion yen (100 million yen) every year from this year for the development of the Web3 industry ecosystem. (more than yuan) will be invested in special funds.

By 2025, we aim to make Chaoyang District a leading area for the Web3 industry.

What is Web3

The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.

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Are virtual currencies excluded?

Changpeng Zhao (CZ), CEO of major cryptocurrency exchange Binance, also commented that it was interesting that the white paper came out at the same time as Hong Kong’s new cryptocurrency regulations came into force.

He also points out that the white paper includes terms such as NFT (non-fungible token), VR, AI, and metaverse.

The other day, China’s state-owned Central Television (CCTV) reported news about a Bitcoin (BTC) ATM in Hong Kong. There are also expectations.

connection: Chinese state TV reports Hong Kong cryptocurrency news, commented by Binance CZ

However, cryptocurrency media WuBlockchain took a cautious view on such speculation.

Although the Web3 industry will be supported, he pointed out that AI (artificial intelligence) and the Metaverse are the main topics in the white paper, and that only NFTs are mentioned in the blockchain chapter. He said that it does not suggest that the ban on trading crypto assets (virtual currency) in China will be lifted.

connection:Bitcoin rebounds due to receding default concerns, 3 backgrounds that change the tide

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OhNoCryptocurrency via @Kurt Ebenzer, @Khareem Sudlow