Crypto founders optimistic about Beijing paper promoting Web3 despite no mention of cryptocurrency
- Binance’s Zhao Changpeng, Huobi’s Justin Sun, and Animoca’s Yat Siu all touted the promising signs of Beijing’ ‘Internet 3.0’ white paper
- The paper was published days ahead of new Hong Kong crypto regulations taking effect, but it focuses more on the metaverse than blockchain
Crypto founders, including Binance chief executive Zhao Changpeng, are talking up the Chinese government’s support for Web3, tying a recent Beijing white paper to Hong Kong’s efforts to become a crypto hub, as they face increasing regulatory scrutiny in other parts of the world.
Zhao, Huobi adviser Justin Sun, and Animoca Brands co-founder and chairman Yat Siu all praised the report, titled “Beijing Internet 3.0: Innovation and Development White Paper”, suggesting the moves in Beijing and Hong Kong together signal China’s greater support for Web3. However, the paper makes no mention of cryptocurrencies, which are banned in the mainland.
The Binance chief, known in the industry as “CZ”, on Sunday posted on Twitter photos of the paper published by the Beijing municipal government.
The Beijing Municipal Science and Technology Commission published the paper on Sunday at an industry forum. The document, at more than 100 pages, takes a broad view of the next-generation internet that encompasses everything from blockchain to the metaverse and artificial intelligence.
