Beijing Now Releases Web3 White Paper, But Not For Cryptocurrencies

Key Points:

• Beijing’s Municipal Science and Technology Commission released a white paper promoting web3 technology as the future of Internet industry development.
• The white paper does not cover cryptocurrencies but focuses on AI and the Metaverse.

Beijing released a web3 white paper stating that web3 technology is an “inevitable trend for future Internet industry development.” But it’s wrong to assume that it’s related to cryptocurrencies.

Beijing, China’s capital city, has released a white paper promoting the innovation and development of the web3 industry. Dubbed the “Web3 Innovation and Development White Paper (2023),” the document states that web3 technology is an “inevitable trend for future Internet industry development.”

The release of the white paper is another important work measure taken by the Municipal Science and Technology Commission and Zhongguancun Management Committee to promote the development of the Internet 3.0 industry. The white paper systematically analyzes and expounds on the Internet 3.0 connotation, system architecture, domestic and foreign development status, Beijing development status, and development suggestions.

However, Wu Blockchain recently reported that the white paper focuses on AI and the Metaverse – two areas the Chinese government particularly supports, and any view that the Beijing web3 white paper is related to cryptocurrencies is wrong or deliberately exaggerating emotions.

The web3 white paper was released by the Beijing Municipal Science & Technology Commission, which is also known as the Administrative Commission of Zhongguancun Science Park. The document is part of the commission’s efforts to promote the development of the Internet 3.0 industry and to make Beijing a global innovation hub for the digital economy.

While the white paper does not cover cryptocurrencies, it provides a detailed analysis of Internet 3.0 connotation, system architecture, domestic and foreign development status, Beijing development status, and development suggestions. The document aims to promote innovation and development of the web3 industry and is another crucial work measure taken by the Municipal Science and Technology Commission and Zhongguancun Management Committee.

Although the white paper has nothing to do with cryptocurrencies, its release has still generated interest in the crypto community. Some have speculated about the timing of the release, given that Hong Kong’s crypto rules are set to kick off on June 1. However, others have pointed out that the white paper is part of a larger effort to promote the development of the Internet 3.0 industry in China.

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