A peek into China’s stance on web3

China has released a white paper on Internet 3.0, shedding light on the country’s perspective on web3 and its potential applications. The Chinese government’s approach to web3 goes beyond the commonly associated decentralized blockchains, cryptocurrencies, and NFTs, focusing on a broader concept of Internet 3.0 that encompasses virtual and real realms, immersive experiences, and the integration of virtual and real worlds.

The white paper, published by the Beijing Municipal Science & Technology Commission and the Administrative Commission of Zhongguancun Science Park, offers insights into the Chinese government’s views. However, it is important to note that it represents the perspective of the designated high-tech industrial zone and may not reflect the official stance of Beijing’s municipal government or national policymakers.

The document defines Internet 3.0 as a space that combines virtual and real realms, offering immersive and interactive experiences. It aims to enhance the interaction between people and information while increasing the efficiency of economic activities. Internet 3.0 is characterized by intelligence and the integration of the virtual and real worlds.

Web3 is described as an element within this new immersive world, along with concepts such as AR/VR and the metaverse. The paper highlights how Internet 3.0 represents the transition of society and the economy between reality and virtuality, showcasing the integration of the virtual and real worlds.

Changes in Hong Kong

Interestingly, this white paper coincides with recent changes in Hong Kong’s regulatory regime for cryptocurrencies. Hong Kong has implemented a crypto-friendly regulation that allows licensed exchanges to serve retail investors, which differs from mainland China’s crackdown on crypto trading. However, these regulations only apply to Hong Kong residents and remain inaccessible to mainland users due to IP address blocking.

Despite this limitation, the regulatory changes in Hong Kong have raised confidence among crypto investors and developers in mainland China. They view it as a sign of the country’s evolving stance on digital assets. Chinese entrepreneurs believe that Hong Kong has historically served as a testing ground for mainland China’s policies, indicating that the government is monitoring and experimenting with new approaches.

Unveiling the Truth: Insights into the Mainland’s Web3 Journey

The white paper also acknowledges the contributions of Gavin Wood, co-founder of Ethereum, who introduced the concept of web3. It highlights how artist Beeple’s record-breaking NFT auction at Christie’s brought NFTs into mainstream awareness.

The document suggests that web3 in China may enable users to own their data and participate in a new economic system within the merged reality and virtuality. It envisions web3 as a crucial foundation for identity verification, data authentication, asset trading, and regulation in the metaverse.

While the white paper signals China’s openness to incorporate web3 into its future internet, the country has been cautiously exploring blockchain technology in fields unrelated to cryptocurrencies. China encourages the use of consortium blockchains governed by selected participants, rather than fully decentralized public blockchains. Ant Group, Alibaba’s fintech affiliate, has launched a consortium blockchain aimed at fostering trust in multi-party collaborations for supply chain finance, product provenance, digital invoices, and charitable donations.

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  1. Threads app, the fast-growing text-based app by Meta July 17, 2023 at 9:45 am

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