China seems to be opening up to some parts of the industry. Despite its hard stance on trading and owning cryptocurrencies like Bitcoin and Ethereum, the country is pushing for the development of Web3.
During the parallel forum of the 2023 Zhongguancun Forum called Web3: Future Internet Industry Development, the Beijing Municipal Science and Technology Commission, alongside the Zhongguancun Science and Technology Park Management Committee, released a joint paper called Beijing Web3 Innovation and Development.
According to the white paper, Web3 represents a considerable breakthrough and is a technology described as an “inevitable trend in the future development of the Internet industry, and a three-dimensional space with highly immersive interactive experience and fusion of virtual and real.”
In addition, local reports claim that the US continues to lead the development of the global Web3 industry while the EU is paying attention to privacy protection policies. In addition, Japan and South Korea are aiming to become the leaders of Web3.
The white paper outlines that Beijing is in a leading position in terms of Web3 industry development, which brings us to the next point.
The document says that the Chaoyang District plans to invest no less than 100 million yuan “in special funds every year to support the construction of the Web3 industrial ecosystem.” This is worth around $14 million.
It’s worth noting that the move comes despite China’s overall negative stance towards cryptocurrencies. The county has outright banned Bitcoin (on numerous occasions) and has demonstrated its restrictive position plenty of times.