testing ground<\/u><\/a>\u201d for China\u2019s own future crypto regulatory regime.<\/p>\n\n\n\nThe paper said that the Web3 is increasing gaining traction in the society and the capital markets are \u201cgradually returning to rationality.\u201d<\/p>\n\n\n\n
While the paper did not mention Hong Kong\u2019s new crypto norms, with the release of the new white paper it appears that the Beijing may be opening the industry in some form. Hope were raised last week when China\u2019s state broadcaster China Central Television (CCTV) \u2013 whether wittingly or unwittingly \u2013 broadcast a segment about cryptocurrencies that featured the Bitcoin logo, which was a \u201cbig deal\u201d according to Binance Zhao, as \u201cHistorically, coverages like these led to bull runs.\u201d The segment was since taken down.<\/p>\n\n\n\n
China is clearly conscious of the developments in Web3 taking place elsewhere- not just in Hong Kong. In terms of other nations, the paper acknowledged, \u201cthe US is leading the development in the Web3 industry, Europe is paying close attention to privacy and Japan and South Korea are striving to become the leader of the Web3 sector.\u201d<\/p>\n\n\n\n
Not be left behind, local governments in China are actively planning and developing Web 3 capabilities, it said, with more than 30 provinces and cities, having issued support policies, especially Beijing, Shanghai, Guangzhou, Hangzhou and other places.<\/p>\n\n\n\n
Beijing will serve as the epicenter of the country\u2019s Web3 development strategy.<\/p>\n\n\n\n
Yet, the \u201cWhite Paper\u201d found out that \u201cInternet 3.0 industry development in Beijing still faces challenges in terms of technology and talent, support capabilities, industrial chain integrity and regulatory norms.\u201d<\/p>\n\n\n\n
\u201cIn the next step, Beijing will strengthen policy support and organizational guarantees, speed up technological breakthroughs and the establishment of common platforms, promote the construction of \u201cInternet 3.0+\u201d application scenarios, do a good job in risk management and supervision and create a good ecosystem for Beijing\u2019s Internet 3.0 innovation and development,\u201d it said.<\/p>\n\n\n\n
About the author<\/strong><\/strong><\/p>\n\n\n\nTsering Namgyal is the chief content officer of NFTMetta.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
May 29, 2023 By Tsering Namgyal Beijing released a rare whitepaper on Web3 last week charting out the nation\u2019s ambitions to develop and harness the powers of the new technology […]<\/p>\n","protected":false},"author":1,"featured_media":3552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3551"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=3551"}],"version-history":[{"count":1,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3551\/revisions"}],"predecessor-version":[{"id":3553,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3551\/revisions\/3553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/3552"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=3551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=3551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=3551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}