China Unveils White Paper for Web3 Development and Innovation
China has maintained a stringent stance on cryptocurrencies thus far. However, the county has recently eased the exodus on crypto and has implemented some crypto-friendly regulations. One such step is the publication of a new white paper on cryptocurrencies.
The document deals with the potential of web3 technology and industry development. A detailed view of this report was published in the local media outlet called The Paper this week.
This paper is titled web3 innovation and Development for 2023. It has been created and printed by the Beijing Municipal Science and Technology Commission. This paper has talked about various aspects and trends related to the new form and upgraded version of internet services.
It is worth noting that Web3 technology is connected with cryptocurrency based on the idea of the next internet evolution from the interactive web that is popular today.
Crypto White Paper also Discusses the Impact of AI on Web3
The white paper on web3 has covered some key areas of development such as AI, content creation tools, and XR interactive terminals. At the same time, Beijing has also covered related factors that impact internet 3.0 such as technical support, adoption rate, talent support, regulations, and commercial compliance dynamics.
The director of the Beijing Municipal Commission, Young Hongfu has told the media about the plans for investing 100 million Yuan or $14 million till 2025.
It is worth noting that the commission locally known as Zhongguancun Chaoyang Park is often regarded as the Silicon Valley of China. The white paper has sparked a new discussion in the global crypto community with key figures such as CZ highlighting it in a new tweet.
Another important bullish development in China is a new crypto sector on China Central Television or CCTV. The brief crypto coverage was taken as a positive sign for crypto in China since CCTV is a state-owned broadcast service.
Many cryptocurrency enthusiasts take note of the Bitcoin bulletin aired on CCTV across the globe. CZ claimed that it was a signal of upcoming crypto regulations in Hong Kong.
Speaking on the matter of the Bitcoin logo airing the CEO has maintained that it can be seen as a bullish sign based on the historical coverage of such incidents. He claimed that it could lead to increased trading activities and bullish price development.
It is important to mention that the segment also shared some information and images about the Bitcoin ATM located in Hong Kong. The recent changes concerning the development and regulations around the cryptocurrency sector are only eased in recent years.
China notably restricted crypto activities such as mining, advertising, and trading in the region in 2021. The event resulted in a sizeable migration of Bitcoin miners out of the region while dropping the major hash rate contribution of the country significantly.
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