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In a significant development, Beijing made a surprising announcement on Saturday by publishing its white paper titled "Internet 3.0 Innovation and Development." This release highlights Beijing's recognition of the tremendous potential of Web3 technology within the Internet industry and outlines a comprehensive roadmap to foster a dynamic and interconnected digital ecosystem.
According to The Paper, a state-backed media publisher, the Chaoyang District in Beijing plans to invest at least 100 million yuan each year in special funds to support the development of the Web3 industry ecosystem. By 2025, they aim to become a leading region in the "Internet 3.0 industry."
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
Interestingly, Binance CEO CZ made a noteworthy point on Twitter. He highlighted that the white paper release curiously aligns with the upcoming opening of crypto exchange applications in Hong Kong on June 1.
Hong Kong's Financial Secretary, Paul Chan, completed the regulatory framework for cryptocurrencies earlier this year. Starting June 1, virtual asset providers will face regulations like traditional financial institutions, marking a major shift in the region's cryptocurrency approach. Chan emphasised Hong Kong's dedication to fostering Web3 industry growth and becoming a leading hub for crypto innovation.
To add to the growing momentum, China Central Television, a state-owned broadcaster, aired an engaging segment on cryptocurrencies on May 23. The program featured captivating visuals of the well-known Bitcoin logo and a busy Bitcoin ATM in Hong Kong, capturing the attention of industry experts worldwide.