Beijing Just Released White Paper For Web3 Innovation/Development

According to the latest reports, Beijing has just released the white paper for Web3 innovation and developments. Check out more details about this.

This morning, it was reported that the capital city of China, Beijing, has released a white paper with the goal of promoting innovation and development within the web3 industry.

The online publication The Block notes that the whitepaper is dubbed the “Web3 Innovation and Development White Paper (2023).”

They also noted the fact that the document states that web3 technology is an “inevitable trend for future Internet industry development,” according to a report from local news outlet The Paper.

The white paper was released at the Zhongguancun Forum by the Administrative Commission of Zhongguancun Science Park, also known as the Beijing Municipal Science & Technology Commission.

The commission’s goal is to establish Beijing as a leading global hub for the digital economy’s innovation.

According to the director of the Zhongguancun Chaoyang Park management committee, Yang Hongfu, the Chaoyang district in the city plans to allocate a minimum of 100 million yuan (equivalent to $14 million) annually until 2025. This investment aims to further develop the area, which is known as China’s Silicon Valley.

Binance CEO Changpeng Zhao finds the release timing of the white paper “interesting” as Hong Kong’s crypto regulations come into effect on June 1.

Last week, the Securities and Futures Commission of Hong Kong released a new rulebook for the cryptocurrency industry.

The rulebook stated that retail investors will be able to trade crypto starting from June 1, coinciding with the implementation of a new licensing regime for crypto platforms.

The world’s largest crypto exchange by trading volume has just released a new non-fungible token (NFT) loan feature.

The recent announcement by Binance is quite thrilling as it reveals that the platform will now provide users with the option to borrow Ethereum (ETH) without having to sell their assets. Moreover, zero gas fees will also be offered.

According to the online publication, the Daily Hodl, Binance’s NFT Loan feature currently supports only four popular collections. However, additional collections are anticipated to be introduced in the near future.