Crypto hater China jumps on Web3 vehicle

The government of China will officially fund the Web3 focused development works in the country. Few crypto leaders noted that it is a sign that China may bring some crypto-friendly policies.

China is a very big hater of Crypto & Bitcoin. In 2021, China imposed a blanket ban on the crypto industry & also ordered all the crypto companies to stop providing any kind of crypto-related service in mainland China. Later China confirmed that it will keep its policies supportive of blockchain innovations in the country, to modernise traditional digital operations.

On 27 May 2023, The Paper reported that the Beijing Municipal Science & Technology Commission published a white paper titled “Web3 Innovation and Development White Paper (2023)”.

Whitepaper noted that Web3 has numerous advantages & benefits in the long term for the internet world. By taking the beneficial facts of Web3 Innovations, China’s Government will officially fund & support this sector but for this there will be a need for new policy & change in old policies will be required.

“The white paper proposes that the current development of the Internet 3.0 industry in Beijing still faces challenges in terms of technology and talent support capabilities, industrial chain integrity, and legal norms based on the analysis and judgment of the status and trends of the Internet 3.0 development,” the published paper read.

The director of the Zhongguancun Chaoyang Park management committee, Yang Hongfu, confirmed that the government will allocate nearly $14 million per year for the next 2 years to support this sector.

Because of this latest news, many crypto lovers claimed that the Chinese government may probably bring crypto-friendly policies. 

In particular, Changpeng Zhao (CZ), the CEO of the popular crypto exchange Binance, noted that China’s Web3 focussed plan came just after Hong Kong’s new crypto regulation plan. 

Interesting timing on this Web 3.0 white paper from the Beijing government tech committee with the June 1st anticipation in Hong Kong. pic.twitter.com/0Ts1UB0jnL

— CZ Binance (@cz_binance) May 27, 2023

Hong Kong & Crypto laws 

Hong Kong is a special administrative region of China but in this region, crypto trading for big crypto investors is legal but banned for retail investors. 

But the new laws, which will come into effect by 1 June, will allow all kinds of small & big investors to invest in cryptocurrencies without huge restrictions.

Read also: Ripple plans expansion in crypto-friendly jurisdictions via acquisition