The local government of Beijing has recently published a white paper detailing the opportunities and challenges associated with Web 3.0 industry development in the city. The comprehensive report aims to address the obstacles the industry is facing, including attracting suitable talent, ensuring blockchain technology’s reliability and security, and establishing comprehensive laws and regulations to support the sector’s growth.
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
In April, over 30 Chinese provincial and municipal governments released guidelines or policies on Web 3.0 development; nevertheless, the white paper recognizes that practical implementations are still limited as the industry is in its early stages.
The Beijing government agency has issued the white paper to boost the Web 3.0 industry’s progress in line with the work plan released in March, demonstrating the government’s continued commitment to fostering this emerging sector. This move is considered strategic by Changpeng Zhao, the CEO of Binance, given that cryptocurrency regulations are expected to be implemented in Hong Kong on June 1st.
During the Zhongguancun Forum, a Beijing government administrative commission director announced that Beijing’s Chaoyang district intends to dedicate a minimum annual investment of 100 million yuan (US$14.1 million) to support the development of local Web3 industries, highlighting the government’s commitment to overcoming the challenges and developing the Web 3.0 industry.
Overall, the government’s positive and forward-thinking approach to embrace emerging technologies and position Beijing as a hub for Web 3.0 innovation is evident from the white paper’s release.
Compiled by Coinbold