Bitrabo Editorial
The Chinese government’s attitude towards cryptocurrencies has been a focus of industry observers worldwide. Previously known for its strict regulations and the banning of initial coin offerings and cryptocurrency exchanges, it appears that the Chinese government is now embracing the potential of the crypto sector and its related segments. This was evidenced through the introduction of the “Web3 Innovation and Development Whitepaper,” a significant document presented by the Beijing Municipal Science and Technology Commission at the prestigious Zhongguancun Forum.
The whitepaper acknowledges Web3 technology’s inevitability and the role it will play in driving future developments in the Internet industry. It highlights key research areas within the web3 industry, including artificial intelligence (AI), XR interactive terminals, and content production tools, and depicts the Chinese government’s recognition of the significant advancements made in emerging applications like digital populations and collections.
The Beijing Municipal Science and Technology Commission’s primary objective is to establish Beijing as a leading global innovation hub for the digital economy. To support this vision, the government intends to allocate at least 100 million yuan ($14 million) annually until 2025. This funding commitment underscores the government’s determination to foster an environment conducive to technological breakthroughs, with Silicon Valley’s Zhongguancun expected to play a pivotal role in this transformative journey.
While the whitepaper is a significant step towards embracing Web3 technology, it also acknowledges the challenges that need to be overcome and the need for policy changes. According to the document, “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.”
Recent developments have captured industry observers’ attention, raising questions about China’s evolving position towards cryptocurrencies. One notable event was the airing of a cryptocurrency segment on the state-owned China Central Television (CCTV), which showcased a Bitcoin ATM located in Hong Kong. The inclusion of these elements in a state-owned media broadcast is noteworthy and has led to speculation within the industry that China may be shifting its position and embracing the potential of cryptocurrencies.
-Featured image from Canva