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A peek into China’s stance on web3

Variety

05-06-2023 | 08:49

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A peek into China’s stance on web3

Web3 has come to be known as the internet built on decentralized blockchains that power applications like cryptocurrencies and NFTs. The catch-all term is sometimes used interchangeably with crypto, but in China, the government is pursuing its own path in web3 that so far has excluded all things crypto-related.

Earlier this week, the Beijing Municipal Science & Technology Commission, Administrative Commission of Zhongguancun Science Park released a white paper on the so-called Internet 3.0 that offered a peek into China’s stance on web3. The paper caught the attention of Binance founder Changpeng Zhao, who said in a viral tweet that “web3 [is] all over the places” in the document.

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China

Stance

Web3

Decentralized

Blockchain

Power

Applications

Cryptocurrencies

NFT

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