China’s capital, Beijing, has unrolled a white paper for the future of the Internet. The Beijing Municipal Science & Technology Commission officially presented the “Web3 Innovation and Development White Paper (2023)” on May 27, a manifesto seeking to spur the evolution of the Internet industry towards web3 technology.
The paper spotlights various cutting-edge research areas in the web3 industry, including artificial intelligence (AI), content production tools, and XR interactive terminals. It also heralds the swift evolution of novel applications, such as digital populations and collections, while highlighting the need for adaptive policy reforms to surmount inherent developmental challenges.
Zhongguancun: China’s Silicon Valley in the spotlight
Significantly, this novel blueprint is critical to Zhongguancun, popularly known as China’s Silicon Valley. Also, the district will receive a minimum annual funding of 100 million yuan ($14 million) until 2025, highlighting its crucial role in the country’s digital expansion. This allocation, disclosed by Yang Hongfu, director of the Zhongguancun Chaoyang Park management committee, underlines Beijing’s willingness to meet challenges head-on, acknowledging the need for technical expertise, policy adaptations, and industry chain integrity.
China’s cryptocurrency re-evaluation: A shift in the winds?
The launch of the white paper has ignited speculation and intrigue within the global digital community. Interestingly, the announcement coincides with the imminent introduction of new cryptocurrency regulations in Hong Kong. Changpeng Zhao, CEO of Binance, China’s largest cryptocurrency exchange, highlighted this confluence, speculating on the potentially transformative implications for China’s digital landscape.
In a noteworthy episode, China Central Television (CCTV) aired a segment spotlighting the Bitcoin logo and a Bitcoin ATM based in Hong Kong. This move marks a potential shift in China’s stance towards cryptocurrencies, stirring conjectures about possible policy changes, especially after the country’s hardline restrictions on cryptocurrency activities in 2021.
Indeed, China’s past regulatory stand included a blanket ban on cryptocurrency mining in 2021, sending shockwaves through the global crypto market. But with the market’s subsequent recovery and Bitcoin reaching an all-time high in late 2021, this new white paper could symbolize a changing tide.
As the world watches these bold steps toward the web3 future, China’s roadmap is a potent indicator of the country’s determination to accommodate the web3 revolution and shape its trajectory. This development showcases China’s potential as a global driver of digital innovation, a role that could significantly influence the future of the Internet and the broader digital economy.