The Beijing Municipal Commission of Science and Technology has released the "White paper on Web3 innovation and development" (2023), the local edition of The Paper has reported.
According to the paper, Web3 technology is "an inevitable trend for the future development of the Internet industry." According to the white paper, Beijing plans to become an international innovation center for the digital economy.
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As part of the initiative, the Chaoyang City District will invest at least 100 million yuan (more than $14 million) annually until 2025, the director of the Zhongguancun Science and Technology Center - "Chinese Silicon Valley" - Yang Hongfu said at the forum.
According to the publication, the paper also talks about Beijing's desire to strengthen policy support and accelerate technological breakthroughs for the development of the Web3 industry.
Binance CEO Changpeng Zhao has described the announcement by Chinese authorities amid expectations on June 1 in Hong Kong as an "interesting moment."