Beijing’s Web3 Adoption Parallels Hong Kong’s Web3 Innovation
- Jusin Sun commented that Beijibg’s adoption of Web3 is demonstrative of the city’s recognition of the potential of the technology.
- Recently Beijing released a white paper declaring the city’s intention to enhance the opportunities of Web3 technology.
- Sun compared Beijing’s commitment to Web3 to the much anticipated Web3 adoption in Hong Kong.
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:
It is indeed fascinating to witness the Beijing government’s recent focus on Web 3.0, particularly considering the imminent June 1st developments in Hong Kong. China’s commitment to embracing Web 3.0 technology reflects a significant step towards recognizing the transformative… https://t.co/BLtn5qE2ef
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 28, 2023
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:
It is indeed fascinating to witness the Beijing government’s recent focus on Web 3.0, particularly considering the imminent June 1st developments in Hong Kong.
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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This story originally appeared on Investing
