Beijing’s Web3 Adoption Parallels Hong Kong’s Web3 Innovation

Beijing’s Web3 Adoption Parallels Hong Kong’s Web3 Innovation

Justin Sun commented on China’s commitment to embracing the Web3 technology asserting that it is demonstrative of the city’s recognition and adoption of the “transformative potential of decentralized systems and blockchain-based solutions”.

In a recent tweet, Sun shared his fascination with China’s adoption of Web 3.0:

Recently, China’s capital Beijing released the Web3 Innovation and Development White Paper (2023)”, with the intention to utilize and enhance the opportunities of Web3 technology in Beijing. Notably, the white paper acknowledged web3 technology as an “inevitable trend for future Internet industry development.”

According to the report, the commission has planned to provide a minimum of 100 million yuan, equivalent to $14 million, per year till 2025; the amount is invested in establishing China’s capital city into a vast digital economy. The whitepaper highlighted the city’s enthusiasm for fostering the growth of the Web3 space, by enhancing policies and technological advancements.

Sun threw light on the upcoming developments in Hong Kong, stating:

In a previous tweet, Sun posted a similar comment on Hong Kong’s commitment to Web3 technology, praising the city’s long-term vision. His recent tweet was in response to a tweet shared by Changpeng Zhao (CZ), the CEO of the crypto exchange Binance, in which the latter opinionated that Beijing’s white paper release is at an “interesting time” in connection to the much-anticipated development in Hong Kong which is expected to be in June.

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