Beijing earlier today published a white paper titled “Internet 3.0 Innovation and Development” that described the developments and support for Internet 3.0 and the metaverse. However, Changpeng Zhao, the CEO of Binance, pointed out through Twitter that the release of the white paper comes just a few days before the June 1 application deadline for Hong Kong cryptocurrency exchanges.

According to various sources, the simultaneous publication of Hong Kong’s legislative push for cryptocurrency exchanges and Beijing’s web3 white paper may herald the start of the region’s more open attitude to digital assets.

White Paper For Web3 Innovation And Development Was Released In Beijing

Similar ideas were frequently expressed by Jason Fang from Sora Ventures on CryptoSlate’s SlateAsia program. He claimed that Hong Kong is currently the “test bed” for regional regulation of cryptocurrencies. This raises concerns about the potential ramifications and effects on the local Bitcoin market as a whole.

The Perfect Timing of the Web3 White Paper Release

White Paper For Web3 Innovation And Development Was Released In Beijing

The paper, which was produced in collaboration with the Zhongguancun Science Park Management Committee and the Beijing Municipal Science and Technology Commission, was named “Beijing Internet 3.0 Innovation and Development White Paper (2023).” The aforementioned report placed emphasis on a dedication to web3 and Metaverse advancements. 

Additionally, it was produced by the state-backed media company Shanghai United, Chaoyang District, which intends to invest at least 100 million yuan annually in designated funds. This is therefore meant to assist in building the web3 industry ecosystem. Additionally, this is a part of the district’s goal to position itself as a global leader in the “Internet 3.0 industry by 2025.”

It is also important to note that Hong Kong’s endeavor to entice crypto enterprises in the region coincides with a regulatory crackdown on crypto in the U.S. Zhao has said that the timing of the white paper release is “interesting.” 

Furthermore, it should be recalled that China outlawed cryptocurrency use in 2021. However, according to rumors, the publication of the web3 white paper seems to represent some kind of industry opening.

Eyes on China

White Paper For Web3 Innovation And Development Was Released In Beijing

China Central Television, a state-run broadcaster, is said to have aired a segment regarding cryptocurrencies earlier this week that included the Bitcoin logo. Binance’s Zhao described this action as a “big deal” because “historically, coverages like these led to bull runs.”

Additionally, the aforementioned part showed what appeared to be a Hong Kong Bitcoin ATM. It’s also important to note that there was a button that said “Buy Bitcoins” in addition to the prominent blue Bitcoin logo. Although NFTs were also emphasized in the episode, it has subsequently been removed.

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