The Beijing Municipal Science and Technology Commission has released a white paper in a bid to foster innovation and development within the Web3 industry.
Dubbed the "Web3 Innovation and Development White Paper," the paper was unveiled at the Zhongguancun Forum by the Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, local news outlet The Paper reported.
The commission aims to establish Beijing as a global innovation hub by allocating a minimum of CNY100m ($14m) annually until 2025.
The funding will go towards enhancing policy support and expediting technological advancements to foster the growth of the Web3 industry.
Zhongguancun is said to be China’s Silicon Valley, and the commission is confident that the new funding allocation will help to make the area a prominent global innovation hub in the digital economy.
China banned the use of cryptocurrencies in 2021. However, this new white paper depicts signs of opening up to the industry, especially after the cryptocurrency segment aired on China Central Television on 23 May.
The segment highlighted the significance of NFTs prominently featuring the Bitcoin logo and Bitcoin ATM in Hong Kong.
Although the video has since been removed, it is notable that the state-run media outlet showed a willingness to discuss cryptocurrencies positively.
In a recent tweet, Binance CEO Changpeng Zhao mentioned that the timing of the release of the white paper is noteworthy, given that Hong Kong's cryptocurrency regulations are set to begin on 1 June.
"Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong," he said in a Saturday tweet.
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