Crypto Founders Optimistic About Beijing Paper's Promotion of Web3, Despite Absence of Cryptocurrency Mentions
Binance's Zhao Changpeng, Huobi's Justin Sun, and Animoca's Yat Siu highlight the positive indicators in Beijing's "Internet 3.0" white paper.
Because Bitcoin
May 30, 2023
South China Morning Post reported that crypto industry leaders, such as Binance CEO Zhao Changpeng, are highlighting the Chinese government's endorsement of Web3, linking a recent white paper from Beijing to Hong Kong's efforts to establish itself as a cryptocurrency hub. This comes as these leaders face increased regulatory scrutiny in other regions. Despite cryptocurrencies being banned in mainland China, Zhao, along with Huobi adviser Justin Sun and Animoca Brands co-founder Yat Siu, praised the "Beijing Internet 3.0: Innovation and Development White Paper".
The paper, although not mentioning cryptocurrencies, has been seen as a signal of China's growing support for Web3. Zhao, also known as "CZ", shared images of the paper published by the Beijing municipal government on Twitter, noting its timing with the upcoming virtual asset regulations in Hong Kong. His tweet gained significant attention within the crypto community, garnering over 11,700 likes and 2.6 million views as of Tuesday.
The Beijing Municipal Science and Technology Commission released a 100+ page white paper at an industry forum. It defines "Internet 3.0" as a blending of the virtual and real worlds, covering concepts from the metaverse and Web3. The metaverse refers to interconnected 3D virtual spaces, while Web3 represents a decentralized web using blockchain. Web3 is often associated with cryptoassets like digital currencies and NFTs.
The Beijing government considers blockchain as one of the key technologies for "internet 3.0," along with artificial intelligence, semiconductors, and brain-computer interfaces. Cryptocurrencies are not mentioned in the report, as their trading is deemed illegal in China. Despite this, crypto founders with ties to China are optimistic about the Beijing white paper, hoping for regulatory changes in Hong Kong to revive the crypto industry. Justin Sun, Huobi's adviser and Tron blockchain platform founder, applauded China's commitment to Web3 and decentralized systems.
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