Even though China had extremely strict regulations, its new crypto white paper considers the many benefits of blockchain for the country
The latest crypto white paper in China could prove to be a turning point in the country’s initiatives to adopt blockchain technology for its advantages. Named “Web3 Innovation and Development White Paper,” it was released by the Beijing Municipal Science and Technology Commission at the Zhongguancun Forum.
The crypto white paper is bullish on blockchain technology and has stated Beijing’s desire to create blockchain hubs, focusing on Chaoyang District investing 100 million yuan every year to create a blockchain ecosystem. The goal is to achieve the target by 2025. This was confirmed by the director of Zhongguancun Chaoyang Park’s management committee’s director, Yang Hongfu.
Regarding the strategy, the white paper mentioned, “The white paper proposes that the current development of the Internet 3.0 industry in Beijing still faces challenges in terms of technical and talent support capabilities, industrial chain integrity, and legal norms based on the analysis and judgment of the status and trends of the Internet 3.0 development,” which is a translated version of its words.
With upcoming crypto regulations in Hong Kong, the new crypto paper could indicate China’s changing stance regarding crypto and blockchain. Its stringent policies are still enforced, though they might be amended to create blockchain hubs within the country.
Hong Kong, comparatively, is far ahead in its journey to adopt crypto, with several crypto-friendly measures in the recent past.