The Chinese government views crypto currency and related aspects as a serious systemic financial risk and has taken strong measures to minimize its usage. China is a thriving underground crypto ecosystem, Beijing’s different bans on digital assets ensure that the average Chinese citizen will not be exposed to them.
Despite China’s tumultuous history with cryptocurrencies, the government now seems keen to embrace the potential of the sector’s related segments. Recently, Beijing released a white paper on the innovation and development of Web 3.0. Here, Chaoyang District will invest no less than 100 million yuan per year.
The paper highlights the Web 3.0 industry and emerging applications such as digital collections are rapidly developing. China’s local governments are actively planning and developing Web 3.0, and more than 30 provinces and cities have issued support policies, especially in Beijing, Shanghai, Guangzhou, Hangzhou and other places.
Further, Haidian District strived to create a highland of original technology innovation, while in Chaoyang District the focus was on the cultivation of innovative enterprises and enterprise cluster development, Shijingshan District strived to create demonstrations of benchmark scenes such as science fiction and sports.
Yang Hongfu, director of the Management Committee of Zhongguancun Chaoyang Park, said that starting from this year, Chaoyang District will invest no less than 100 million yuan in special funds every year to support the construction of the Internet 3.0 industrial ecosystem. . According to the “Three-Year Action Plan for Internet 3.0 Innovation and Development of Chaoyang District (2023-2025)”, the goal is to build Chaoyang District into a nationally leading Web 3.0 industrial highland by 2025.
The “White Paper” believes that Web 3.0 is a master of modern science and technology, 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. Its scope includes highly immersive sensory experience and The experience of economic activities that connects virtual and real, covers the connotation of Metaverse and Web3.
Recent developments indicate a potential shift in China’s stance on cryptocurrencies, raising speculation about a change in policy after years of bans. Notably, China Central Television (CCTV), the state broadcaster, aired a segment featuring the Bitcoin (BTC) logo, a significant event, according to Zhao. He suggested that, historically, similar coverage has been associated with heightened market activity and price surges.