Beijning will invest at least $ 14 million a year to strengthen the presence of Web3

Beijning will invest at least $ 14 million a year to strengthen the presence of Web3

China seems to be open to some parts of the industry. Despite its hard attitude towards trade and possession of cryptocurrencies such as Bitcoin and Ethereum

During the parallel forum of the Zhongguancun Forum 2023 Web3: Future development of the Internet industry, The Beijing Municipal Science and Technology Commission, together with the Zhongguancun Science and Technology Park Management, published a paper with the title Beijing Web3 Innovation and Development.

Web3 at the head of the innovation

According to the white paper, Web3 represents a significant breakthrough and is a technology that is described as a “inevitable trend in the future development of the Internet industry and a three -dimensional space with highly immersive interactive experience and fusion of virtual and real”.

In addition, local reports claim that the United States continues to lead the development of the global web3 industry, while the EU pays attention to data protection guidelines. In addition, Japan and South Korea are striving to lead Web3.

In the white book it is stated that Beijing takes a leading position in relation to the development of the Web3 industry, which brings us to the next point.

Beijing will invest at least $ 14 million a year in Web3

The document states that the Chaoyang district plans to invest no less than 100 million Yuan in special funds every year in order to support the establishment of the industrial web3 ecosystem. That is worth around $ 14 million.

It is worth noting that this step takes place despite the overall negative attitude of China compared to cryptocurrencies. The district has completely banned Bitcoin (on numerous occasions) and demonstrated its restrictive attitude several times.

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