China is blowing hot and cold – The authorities of beijing have a knack for stirring up trouble over their intentions when it comes to cryptocurrency. After having simply banned the use of the latter throughout the country, the Chinese Silicon Valley is now preparing to invest massively in the web3. Does the timing of the statement have anything to do with announcements from the side of hong kong ? Does Web3 necessarily mean cryptocurrency? Let’s decipher together this not quite innocent announcement of theMiddle Kingdom.
China, ready to switch to crypto?
The government of Xi Jinping remains decidedly very mysterious about his intentions vis-à-vis Bitcoin & Co. As they banned the use of cryptocurrency nationwide, they continued to experiment on digital yuan and blockchain. Besides, their central bank digital currency is one of the most advanced in the world. But Beijing is very careful not to mix up the cryptocurrencies and the technology of blockchain. The web3 yes, but decentralized cryptos, surely not!
However, a few weak signals have caught the attention of observers lately and seem to want to show some easing of the ruling party on Bitcoin and cryptos. Thus, we were able to see last week the logo from the first market capitalization to the state televisionwhich is a small revolution in itself. Similarly, recent regulatory developments on the side of hong kong could suggest that the China is reportedly reassessing its stance on cryptos. Be that as it may, the publication at the end of last week of a Web3 Innovation and Development White Paper in Beijing confirms what we foresaw: things are moving on the side of the Chinese Communist Party.
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Beijing at the forefront of innovation in the country
Thus, alongside the traditional Zhongguancun Forum, the municipality of Beijing has published its web3 roadmap and the least we can say is that it is ambitious. For information, the Zhongguancun Forum has been held every year since 2007 in the eponymous economic development zone and brings together the top national and international scientists for a few days of discussion and presentation of the latest technological advances. It is in this context that the Beijing Municipal Science and Technology Commission made announcements of investments in the web3 sector.
Yang Hong Fudirector of the park management committee Zhongguancun Chaoyang clarified things:
“From this year, Chaoyang District will invest no less than 100 million yuan [14 millions de dollars] into special funds each year to support the construction of the Internet 3.0 industrial ecosystem. THE Chaoyang District Internet 3.0 Innovation and Development Three-Year Action Plan (2023-2025) will aim to make Chaoyang District one of the nation’s leading Internet 3.0 industrial highlands by 2025.”
THE White Book addresses the web3 from a very technical angle and divides it into different layers and areas of activity. Examples are cited NFTI’artificial intelligencethere blockchaincomputer chips and communication networks but also the brain-computer relationship or the virtual reality. Finally, these advances are expected to generate applications for consumer entertainment, industrial manufacturing, government services, city management, and other subfields.
We can also read in the document that other cities like Shanghai Or Guangzhou could follow the same example and seek to develop other aspects of web3. Of course, it can be noted that in the entirety of the White Book not once the word cryptocurrency is not explicitly mentioned, which suggests that they would not be concerned. That said, the context economic And geopolitics current suggests that Bitcoin could have a more important role than it seems in the new relations is west.
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