China Pushing for Web3 Development Despite Outright Crypto Ban

• According to the authors of the white paper, Web3 is not just the future of the Internet.
• Chaoyang District would provide funds every year totaling at least 100 million yuan.

China seems to be welcoming foreign businesses into some sectors. The nation has taken a strong line against the buying, selling, and holding of cryptocurrencies like Bitcoin and Ethereum, yet it is still actively promoting the growth of Web3.

Beijing Municipal Science and Technology Commission and Zhongguancun Science and Technology Park Management Committee released a joint paper titled Beijing Web3 Innovation and Development at the parallel forum of the 2023 Zhongguancun Forum titled Web3: Future Internet Industry Development.

Banking on Web3

According to the authors of the white paper, Web3 is not just the future of the Internet but also a fully immersive, interactive, and mixed-reality environment.

Local news sources also suggest that the United States is still at the forefront of the Web3 industry’s worldwide growth while the European Union focuses on privacy regulations. And both Japan and South Korea have their sights set on Web3 supremacy. Next, the white paper explains how Beijing has established itself as a global leader in the Web3 business.

In order to “support the construction of the Web3 industrial ecosystem,” the paper states that the Chaoyang District would provide “special funds every year” totaling at least 100 million yuan. About $14,000,000 may be estimated from this.

Despite China’s hostile position towards cryptocurrency in general, this decision was made. The country has often shown its repressive stance and has outlawed crypto outright. On the other hand, several nations are in a race to attract crypto firms amid growing crackdown in the U.S. Hong Kong is striving hard to lure crypto firms to become a hub for investors and firms alike.