The global crypto community and associated observers have been keeping a close eye on China’s policy towards cryptocurrency.
The country’s relationship with digital assets has been volatile in the past; for example, it formerly banned initial coin offerings (ICOs) and cryptocurrency exchanges outright.
However, in a stunning about-face, the Chinese government now seems to be embracing the possibilities of the crypto sector’s linked areas.
With this historic agreement, China recognises Web3 technology as an essential force propelling the Internet business into the future.
The Chinese government has acknowledged the substantial progress achieved in developing applications like digital populations and collections, and their recognition of these fields exemplifies this.
The commission’s main goal is to make Beijing a centre for digital economy innovation on a global scale. Director of the Zhongguancun Chaoyang Park management committee Yang Hongfu made the announcement at the event, demonstrating the government’s dedication to creating a setting that is fertile ground for technological advances.
Zhongguancun, often known as China’s Silicon Valley, will likely play a crucial part in this revolutionary process.
The whitepaper is a significant step forward in adopting Web3 technology, but it also recognises the obstacles that must be addressed and calls for new policies.
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