Beijing, China Skyline

Beijing’s new Web3 white paper seeks to foster industry innovation

Local administrators in Beijing have released a white paper for Web3 to encourage innovation and adoption of the technology in the city.

The white paper proposes a blueprint for Beijing to become China’s leading digital innovation hub in the coming years, according to news media The Paper. The document titled “Web3 Innovation and Development White Paper” is the brainchild of The Beijing Municipal Science and Technology Commission in collaboration with relevant stakeholders and academics. Per the document, innovation in Web3 is considered to be “an inevitable trend for future internet industry development.”

Beijing’s administrators confirm they will plow around RMB100 million ($14 million) into Web3 research each year to explore multiple use cases. Aside from providing industry funding, a section of the white paper provides that the government will offer regulatory and policy support for firms innovating in the sector.

The white paper divides Web3 into four distinct areas: the infrastructure, interactive terminal, platform tool, and application layers. Beijing’s municipal government considers artificial intelligence (AI), virtual reality, non-fungible technology (NFT), and the metaverse as forming the crux of Web3.

Since the publication of the white paper, pundits have hailed the move as the right step in the right direction. The latest publication follows the launch of the National Blockchain Technology Innovation Center in Beijing, designed to train 500,000 blockchain experts in the country.

In 2022, the city created a buzz after it bared its two-year metaverse plan to create jobs and promote its tourism sectors. Beijing was selected as part of the list of Chinese cities to host a large-scale blockchain trial involving over 159 finance, security, tax, and healthcare firms.

Despite the many developments in blockchain and Web3, Chinese authorities have smothered digital currencies in the country in favor of its central bank digital currency (CBDC), the digital yuan.

Latching onto Hong Kong’s energy

Experts have described China’s renewed blockchain interest as a spillover of Hong Kong’s commitment to transform its region into the industry leader for all things Web3. Hong Kong is inching toward the launch of new regulations for digital currency service providers on June 1 that will allow retail traders to dabble in the industry.

Since the announcement, several state-owned Chinese banks have offered banking services to Web3 firms looking to set up shop in Hong Kong. Last week, China Central Television broadcasted a show on the rate of digital currency adoption in Hong Kong, a move that has been described as “a big deal.”

Watch: Web3 creates more equitable business model for all

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