Beijing to invest at least $14 million a year to strengthen Web3 foothold

Beijing will invest in Web3 with the goal of establishing international dominance in the field.

China appears to be opening up to some parts of the industry. Despite taking a tough stance on trading and owning cryptocurrencies like Bitcoin and Ethereum, the country is pushing for Web3.

During the 2023 Zhongguancun Forum "Web3: Future Internet Industry Development" parallel forum, the Beijing Science and Technology Commission and the Zhongguancun Science and Technology Park Management Committee jointly released a paper titled "Beijing Web3 Innovation and Development".

Web3 at the forefront of innovation

According to the white paper, Web3 represents a major breakthrough and is described as "an inevitable trend in the development of the Internet industry in the future.

In addition, local reports said that the United States continues to lead the development of the global Web3 industry, while the European Union focuses on privacy protection policies. Additionally, Japan and South Korea aim to become leaders in Web3.

The white paper outlines that Beijing is leading the development of the Web3 industry, which brings us to the next point.

Beijing will invest at least US$14 million per year in Web3

According to the document, Chaoyang District plans to “invest no less than 100 million yuan in special funds every year to support the ecological construction of the Web3 industry,” which is worth about 14 million U.S. dollars.

Notably, the move comes despite China’s negative stance on cryptocurrencies, with the city having outright banned Bitcoin (on numerous occasions) and demonstrating its restrictive stance on several occasions.