Beijing releases Web3 white paper, highlights challenges in talent, regulation

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Beijing’s local gov­ern­ment on Sat­ur­day released a white paper out­lin­ing plans and chal­lenges for devel­op­ment of the city’s Web 3.0 indus­try, typ­i­cal­ly defined as the next evo­lu­tion of the inter­net built around decen­tral­ized blockchain tech­nolo­gies, the meta­verse, and non-fun­gi­ble tokens (NFTs). Bei­jing joins oth­er cities and regions in the coun­try in announc­ing plans to build capa­bil­i­ties in Web3.

See relat­ed arti­cle: Chi­na: Zhengzhou City pro­pos­es meta­verse plan

Fast facts

  • Bei­jing Munic­i­pal Sci­ence and Tech­nol­o­gy Com­mis­sion said in the white paper, released at the Zhong­guan­cun Forum in Bei­jing, that the city faces chal­lenges in devel­op­ing Web3 indus­tries, includ­ing find­ing appro­pri­ate tal­ent, ensur­ing the integri­ty of blockchains, and devel­op­ing rel­e­vant laws and reg­u­la­tions, accord­ing to the agency’s social media post on Saturday.
  • The paper defines Web3 as pro­vid­ing a three-dimen­sion­al online space that merges vir­tu­al real­i­ty and real­i­ty in an immer­sive expe­ri­ence that could enhance com­mu­ni­ca­tion between humans and improve the effi­cien­cy of eco­nom­ic activ­i­ties, accord­ing to the post.
  • The doc­u­ment says that as of April, at least 30 provin­cial and munic­i­pal gov­ern­ments across the coun­try have rolled out guide­lines or poli­cies relat­ed to Web3 devel­op­ment, though it also notes the Web3 sec­tor is still in its infan­cy and has lim­it­ed appli­ca­tions at present.
  • The release of the white paper comes after the same Bei­jing gov­ern­ment agency pub­lished a work plan in March to boost Web3 devel­op­ment in the city.
  • Chang­peng Zhao, founder of cryp­tocur­ren­cy exchange Binance, tweet­ed on Sat­ur­day that the release of the white paper is “inter­est­ing tim­ing” as a new reg­u­la­to­ry regime on cryp­tocur­ren­cy trad­ing plat­forms is set to take effect on June 1 in Hong Kong.
  • Mean­while, local media Cail­ian­she report­ed Sat­ur­day that a direc­tor of the Admin­is­tra­tive Com­mis­sion of Zhong­guan­cun Sci­ence Park, a tech hub in Bei­jing, said at the same forum that the city’s Chaoyang dis­trict plans to invest at least 100 mil­lion yuan (US$14.1 mil­lion) a year in local Web3 industries.
  • Justin Sun, founder of Tron blockchain plat­form and advi­sor of cryp­to exchange Huo­bi, also tweet­ed that China’s com­mit­ment to embrac­ing Web3 “reflects a sig­nif­i­cant step towards rec­og­niz­ing the trans­for­ma­tive poten­tial of decen­tral­ized sys­tems and blockchain-based solutions.”
  • Chi­na banned cryp­to trad­ing on the Chi­nese main­land in Sep­tem­ber 2021, but it has tak­en a dif­fer­ent approach to the poten­tial in blockchain tech­nol­o­gy. Last week, the munic­i­pal gov­ern­ment of Zhengzhou, the cap­i­tal of China’s Henan Province, issued pro­pos­als to sup­port meta­verse com­pa­nies, includ­ing set­ting up a 10 bil­lion yuan fund ded­i­cat­ed to the industry.

See relat­ed arti­cle: Hong Kong’s new cryp­to rules cov­ered by Chi­na state TV in rare move from Beijing



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