In the Web 3.0: Future Internet Industry Development Forum held today at Zhongguancun, Yang Hongfu, the director of Zhongguancun Chaoyang Park Management Committee, announced a significant development plan. Starting this year, Beijing’s Chaoyang District will invest at least RMB 100 million annually into the development and growth of the Web 3.0 industry ecosystem.
This investment is aligned with the district’s three-year action plan titled “Chaoyang District Web 3.0 Innovative Development Action Plan (2023-2025).” By 2025, the district aims to position itself as a leading hub for Web 3.0 industry nationwide.
Web 3.0 represents the next phase of the internet, focusing on creating more intelligent, decentralized, and personalized web experiences. This forward-thinking initiative reflects the local government’s ambition to foster innovation and technological advancement, positioning Chaoyang at the forefront of this transformative industry.
With the annual investment, Beijing’s Chaoyang District seeks to catalyze the growth of the Web 3.0 industry and facilitate the development of a vibrant tech ecosystem. The move is expected to attract cutting-edge companies, ambitious startups, and innovative talent to the district, fostering a culture of innovation and technology.
The Beijing municipal government has announced a two-year (2022 – 2024) Metaverse innovation and development plan that will require all districts to follow the newly released Web3 innovation program guidelines.
The development action plan describes the ‘Metaverse’ as a new generation of information technology integration and innovation that will drive the growth of the internet towards Web3, which includes the development of virtual worlds on the internet.
The innovation plan aims to promote the development of Metaverse-related industries and help Beijing to establish a benchmark city for the digital economy.
The action plan expects all districts to develop technological infrastructure at a city level and promote its use in various fields, such as education and tourism.
The development program would see technical means like 3D visualization and GIS (Geographic Information System) integrated to develop a visual urban space digital platform and efficiently build a digital native intelligent infrastructure layout.
The Metaverse development action plan also directed districts and municipalities to provide financial and human resource support to develop virtual reality.
The city government further instructed districts and municipalities to track nonfungible token (NFT) technology trends and explore regulatory sandbox programs to support innovation.
The official document stated the Beijing government’s metaverse goals: “Promote digital education scenarios, support in-depth cooperation between Metaverse-related technology companies and educational institutions, expand intelligent and interactive online education models, and develop industry-wide digital teaching platforms.”
What Does the Metaverse In China Look Like?
Although China is known for its anti-crypto stance, the government has shown interest in the Metaverse since early last year.
Metaverse matters in the post-COVID time. The virtual world enables people to socialize, communicate, trade, and do business without physical boundaries.
The Metaverse is a virtual world that is parallel to the physical world. In the Metaverse, greater overlap of physical and digital lives is possible – in work, socialization, productivity, shopping, and entertainment domains.
The Metaverse is enabled by certain advanced technologies, such as Virtual reality (VR), augmented reality (AR) and mixed reality (MR).
Enabled by specific technologies, the Metaverse opens new opportunities for businesses, investors, and developers in several ways. Chinese market players are well aware of this and have shown their willingness to venture into the virtual world.
In the previous year alone, more than 1,000 Chinese firms, including giants like Alibaba Group Holding and Tencent Holdings Ltd, have applied for around 10,000 metaverse-related trademarks.
From the Chinese government’s perspective, several local governments have begun to include the Metaverse in their work for 2022.
In December 2021, Shanghai released a five-year development plan, encouraging metaverse use in business offices, public services, and other areas.
In April this year, the Guangzhou Huangpu District and Guangzhou Development Zone issued a Metaverse supporting policy focusing on metaverse innovation and development. Zhejiang, Wuxi and other provinces and cities are also in related industrial plans.
This shows that China’s provinces want to develop their own version of the Metaverse that fits their economic system.
Senator Pat Toomey, a senior member of the U.S. Senate Banking Committee, requested the U.S. administration to closely examine the Chinese digital yuan’s rollout during Beijing Winter Olympics.
In a letter to Treasury Secretary Janet Yellen and Secretary of State Anthony Blinken last Friday (February 4), he criticizedChina is using the Beijing Winter Olympics as “an international test for the digital yuan (e-CNY), which has been piloted domestically since 2019.”
“Given the prospective threat to U.S. economic and national security interests, I request that the Treasury and State Departments closely examine Beijing’s CBDC rollout during the Olympic Games.”
Citing analysts that China utilizes “e-CNY to subvert U.S. sanctions, facilitate illicit financial flows, enhance China’s surveillance capabilities and provide Beijing with a ‘first-mover advantage, such as setting standards for cross-border digital payments.”
At the time of the Beijing Winter Olympics, the Olympic Village, athletes and tourists can use cash, Visa cards or digital yuan for transactions.
In China, local payment firm WeChat becomescompatible with payments using the digital yuan ahead of the Beijing Winter Olympics, owner Tencent Holdings said.
The Digital Yuan (e-CNY), China’s Central Bank Digital Currency (CBDC) is growing at a fast pace as data released by Zou Lan, director of the PBoC financial markets department revealed the new legal tender has inked a total of 87.57 billion yuan ($13.68 billion) in transactions since public trials began, according to CNBC.
Chinese regulators will be looking forward to using the casino licensing opportunity in Macau to test the digital yuan in 2022, Reuters reported.
On January 5, 2021, reported by Blockchain.News, the People’s Bank of China (PBoC) extended its pilot tests for the digital yuan to launch a new mobile wallet. The new wallet is available to a select few as it is still in the development phase.
However, China’s crackdown last year resulted in providing an opportunity for the United States to be a pioneer in crypto innovation. Decentralized and unlicensed online money was considered a threat to Beijing’s digitization. Chinese regulators have banned cryptocurrency activity locally. Tommey believes the U.S. should take this opportunity to embrace crypto innovations, based on “individual liberty and other American and democratic principles.
Shanghai, China’s most crowded city, is looking for ways to use metaverse in public services over the next five years.
Shanghai Municipal Commission of Economy and Information Technology’s five-year development plan for the electronic information industry listed four frontiers for exploration, and one of them is metaverse.
According to a CNBC report, the paper called for promoting the metaverse’s use in public services, business offices, social leisure, industrial manufacturing, production safety, and electronic games. The commission plans to encourage further study and development of underlying technologies, such as sensors, real-time interactions and blockchain technology.
China’s interest in new technology has been unwavering in recent years. China’s efforts to establish a central bank digital currency (CBDC) and its use of digital biometric hardware wallets for the virtual yuan have cemented it as a leader in the issuance of a CBDC.
In March, China’s State Council released its 5-year development plan that included many of these same fronts for exploration. As reported by Cointelegraph, the term “blockchain” was used for the first time in China’s 14th five-year plan, a document that outlines the country’s economic goals for the next five years, which runs from 2021 through 2025.
Related:Chinese companies embark on a metaverse trademark race
The metaverse has become an area of interest for many major companies in recent months. In October, Facebook changed its name to Meta in order to bank on the popularity of the term metaverse.
Despite the People’s Bank of China’s (PBOC) warning on metaverse and nonfungible tokens (NFTs) in November, over 1,000 Chinese businesses have filed tens of thousands of trademark applications that reference the term. More than 1,360 Chinese businesses have applied for 8,534 trademarks, according to the South China Morning Post.
Chinese companies are in the process of developing metaverse technologies, with Baidu, Tencent, and Alibaba among those aggressively working on related projects. Last week, Baidu debuted its XiRang metaverse app, which will fully launch in six years.
For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,”People’s Daily Onlinereports from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed:
“We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.”
Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article
Furthermore, Yin Youping classified all cryptocurrency-related investments as pure speculation. He advised the public to “consciously stay away” from virtual assets to avoid unnecessary risk, and to“protect their “pocket.”Nothing crazy coming from a fiat-fuelled bureaucrat. Nevertheless, an interesting new piece in China’s crypto-puzzle.
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Disclaimer:This article used Google-Translated quotes and information. Small inconsistencies are a possibility.
What Else Did The People’s Bank Of China Said?
Besides contributing to China’s crypto-crackdown, Yin Youping responded to the “rebound” in cryptocurrency trading in his country. The People’s Bank of China will:
Work overtime to “detect overseas exchanges and domestic traders.”
Block “trading websites, apps, and corporate channels.”
Intensify “policy publicity,” to let everyone in China know the law of the land.
Establish “a normalized working mechanism” and continue to crack down on cryptocurrency transactions.
Maintain “a high-pressure situation.”
The People’s Bank of China’s aim is pretty clear. And it seems to be working, Youping claimed that “the popularity of virtual currency trading has dropped significantly.” The Deputy Director also encouraged the general public to report “illegal fund-raising crimes” to the relevant authorities.
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BTC price chart for 08/27/2021 on Bitstamp | Source: BTC/USD on TradingView.com
Does This Offer Insight Into China’s Crypto Strategy?
In a thread summarizing the case, Chinese journalist Colin Wu gave us inside information that wasn’t part of the article. “By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly.”
3. By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly
4. Crack down on illegal fund-raising activities with virtual currency and blockchain.
— Wu Blockchain (@WuBlockchain) August 27, 2021
One of the surprising revelations fromChainalysis’ Global Crypto Adoption reportis that P2P trading “declined dramatically” in China. At the time, we naively asked:
Why are Chinese people abandoning P2P trading so radically? Wouldn’t the “government crackdowns on cryptocurrency trading” cause a surge in old P2P trading instead?
This “high-pressure situation” that the People’s Bank of China maintains might be the answer to both questions. As we learned, both “the popularity of virtual currency trading” and “China’s popularity”dropped significantly. China’s cracking down on the general population as much as on their biggest industries. Bloomberg tried to explain their moves by definingthe “New China Model”as:
If China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric.
Related Reading | China Banned Bitcoin Mining. What Happens To Small Hydropower Stations Now?
We finished that article with more questions than answers. From “Why is China dwarfing its biggest industries and players? Is the “China Model” just concerned with scale?” To “Is their crackdown on Big Tech even related to their crackdown on Bitcoin mining?“ And concluded:
There’s only one thing we can know for sure: China’s making big coordinated moves when it comes to tech. And they seem to have a plan.
Maybe their plan is simpler than we thought. It’s possible that The People’s Bank of China is just going to make it really really hard for the common citizen to access Bitcoin. And, China’ll use propaganda and repetition to keep people in check and scared of the unknown. One of Bitcoin’s prototipical adversarial scenarios. A battle that Bitcoin expected sooner or later.
Featured Image by Bruce Röttgers on Unsplash - Charts by TradingView
For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,” People’s Daily Online reports from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed: “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.” Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article Furthermore, Yin Youping classified all cryptocurrency-related investments as pure speculation. He advised the public to “consciously stay away” from virtual assets to avoid unnecessary risk, and to “protect their “pocket.” Nothing crazy coming from a fiat-fuelled bureaucrat. Nevertheless, an interesting new piece in China’s crypto-puzzle. Disclaimer: This article used Google-Translated quotes and information. Small inconsistencies are a possibility. What Else Did The People’s Bank Of China Said? Besides contributing to China’s crypto-crackdown, Yin Youping responded to the “rebound” in cryptocurrency trading in his country. The People’s Bank of China will: Work overtime to “detect overseas exchanges and domestic traders.” Block “trading websites, apps, and corporate channels.” Intensify “policy publicity,” to let everyone in China know the law of the land. Establish “a normalized working mechanism” and continue to crack down on cryptocurrency transactions. Maintain “a high-pressure situation.” The People’s Bank of China’s aim is pretty clear. And it seems to be working, Youping claimed that “the popularity of virtual currency trading has dropped significantly.” The Deputy Director also encouraged the general public to report “illegal fund-raising crimes” to the relevant authorities. BTC price chart for 08/27/2021 on Bitstamp | Source: BTC/USD on TradingView.com Does This Offer Insight Into China’s Crypto Strategy? In a thread summarizing the case, Chinese journalist Colin Wu gave us inside information that wasn’t part of the article. “By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly.” 3. By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly4. Crack down on illegal fund-raising activities with virtual currency and blockchain. — Wu Blockchain (@WuBlockchain) August 27, 2021 One of the surprising revelations from Chainalysis’ Global Crypto Adoption report is that P2P trading “declined dramatically” in China. At the time, we naively asked: Why are Chinese people abandoning P2P trading so radically? Wouldn’t the “government crackdowns on cryptocurrency trading” cause a surge in old P2P trading instead? This “high-pressure situation” that the People’s Bank of China maintains might be the answer to both questions. As we learned, both “the popularity of virtual currency trading” and “China’s popularity” dropped significantly. China’s cracking down on the general population as much as on their biggest industries. Bloomberg tried to explain their moves by defining the “New China Model” as: If China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric. Related Reading | China Banned Bitcoin Mining. What Happens To Small Hydropower Stations Now? We finished that article with more questions than answers. From “Why is China dwarfing its biggest industries and players? Is the “China Model” just concerned with scale?” To “Is their crackdown on Big Tech even related to their crackdown on Bitcoin mining?“ And concluded: There’s only one thing we can know for sure: China’s making big coordinated moves when it comes to tech. And they seem to have a plan. Maybe their plan is simpler than we thought. It’s possible that The People’s Bank of China is just going to make it really really hard for the common citizen to access Bitcoin. And, China’ll use propaganda and repetition to keep people in check and scared of the unknown. One of Bitcoin’s prototipical adversarial scenarios. A battle that Bitcoin expected sooner or later. Featured Image by Bruce Röttgers on Unsplash – Charts by TradingView
For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,” reports People’s Daily Online from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed: “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.” Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article Furthermore, Yin Youping classified all cryptocurrency-related investments as pure speculation. He advised the public to “consciously stay away” from the virtual assets to avoid unnecessary risk, and to “protect their “pocket.” Nothing crazy coming from a fiat-fuelled bureaucrat. An interesting new piece for China’s crypto-puzzle, nevertheless. Disclaimer: This article used Google-Translated quotes and information. Small inconsistencies are a possibility. What Else Did The People’s Bank Of China Said? Besides contributing to China’s crypto-crackdown, Yin Youping responded to the “rebound” in cryptocurrency trading in his country. The People’s Bank of China will: Work overtime to “detect overseas exchanges and domestic traders.” Block “trading websites, apps, and corporate channels.” Intensify “policy publicity,” to let everyone in China know the law of the land. Establish “a normalized working mechanism” and continue to crack down on cryptocurrency transactions. Maintain “a high-pressure situation.” The aim is pretty clear. And it seems to be working, Youping claims that “the popularity of virtual currency trading has dropped significantly.” The Deputy Director encourages the general public to report “illegal fund-raising crimes” to the relevant authorities. BTC price chart for 08/27/2021 on Bitstamp | Source: BTC/USD on TradingView.com Does This Offer Insight Into China’s Crypto Strategy? In a thread summarizing the case, Chinese journalist Colin Wu gave us inside information that wasn’t part of the article. “By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly.” 3. By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly4. Crack down on illegal fund-raising activities with virtual currency and blockchain. — Wu Blockchain (@WuBlockchain) August 27, 2021 One of the surprising revelations from Chainalysis’ Global Crypto Adoption report is that P2P trading “declined dramatically” in China. At the time, we naively asked: Why are Chinese people abandoning P2P trading so radically? Wouldn’t the “government crackdowns on cryptocurrency trading” cause a surge in old P2P trading instead? This “high-pressure situation” that the People’s Bank of China maintains might be the answer to both questions. As we learned, both “the popularity of virtual currency trading” and “China’s popularity” dropped significantly. China’s cracking down on the general population as much as on their biggest industries. Bloomberg tried to explain their moves by defining the “New China Model” as: If China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric. Related Reading | China Banned Bitcoin Mining. What Happens To Small Hydropower Stations Now? We finished that article with more questions than answers. From “Why is China dwarfing its biggest industries and players? Is the “China Model” just concerned with scale?” To “Is their crackdown on Big Tech even related to their crackdown on Bitcoin mining?“ And concluded: There’s only one thing we can know for sure: China’s making big coordinated moves when it comes to tech. And they seem to have a plan. Maybe their plan is simpler than we thought. It’s possible that The People’s Bank of China is just going to make it really really hard for the common citizen to access Bitcoin. And, China’ll use propaganda and repetition to keep people in check and scared of the unknown. One of Bitcoin’s prototipical adversarial scenarios. A battle that Bitcoin expected sooner or later. Featured Image by Bruce Röttgers on Unsplash – Charts by TradingView
The heat is rising between the United States lawmakers and Chinese officials even before the Olympic flame ignited at the 2022 Beijing Winter Games.
During a press briefing on Tuesday, Chinese Foreign Ministry spokesman Zhao Lijian addressed U.S. senators’ warning letter to the U.S. Olympic and Paralympic Committee regarding the use of digital yuan at the Olympic games next year.
Calling for the U.S. politicians to “abide by the spirit stipulated in the Olympic Charter,” Lijian asked them to “stop making sports a political matter and stop making troubles out of the digital currency in China,” the South China Morning Post reported.
Claiming that the recent actions revealed the ignorance, Lijian suggested U.S. lawmakers “figure out what a digital currency really is.”
Earlier this week, Republican senators Marsha Blackburn, Roger Wicker and Cynthia Lummis wrote a letter to U.S. Olympic and Paralympic Committee board chair Susanne Lyons. Highlighting the allegation that digital yuan can be “tracked and traced” by the People’s Bank of China (PBoC), the three requested officials prevent U.S. athletes from using or accepting Chinese digital currency.
Claiming the Chinese Communist Party could use the digital currency to surveil visiting athletes upon their return to the United States, senators said the new features of digital yuan enables Chinese officials “to know the exact details of what someone purchased and where.”
In the letter, the three requested a briefing on the topic for the Senate Committee on Commerce, Science and Transportation within 30 days.
Related: US lawmakers don’t want Olympic athletes to use digital yuan at 2022 games
On the other hand, China regards the Beijing Winter Olympics, slated for next year, as the first test of China’s central bank digital currency by foreign users.
Speaking at the Boao Forum for Asia in April, PBoC deputy governor Li Bo said, “For the upcoming Beijing Winter Olympics, we were trying to make e-CNY available not only to domestic users but also to international athletes and like visitors.”
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The Chinese government is launching another digital yuan lottery to stimulate its ongoing digital currency trials, this time in the capital of Beijing.
The Beijing Local Financial Supervision and Administration officially announced Tuesday that the government will distribute 40 million digital yuan ($6.2 million) to Beijing residents as part of a new digital currency pilot.
Starting in June, the program features “red envelopes” — a traditional way of gifting money, with each providing a free online wallet containing 200 digital yuan ($31). These red envelopes will be distributed to 200,000 lottery winners, who must download an application to use their prizes at nearly 2,000 designated merchants in the city. In order to register, consumers can use two banking apps: China’s Mobile Banking App and ICBC Mobile Banking app.
According to the announcement, Beijing residents should apply to participate in the lottery until midnight on June 7, while the winners will be able to spend their prizes by June 20. Users will be able to top up their wallets if they want to spend some extra money, the announcement notes.
The government has carried out multiple digital yuan giveaways in other cities including Shenzhen. These lotteries intend to help the People’s Bank of China test the country’s digital currency after the central bank launched the first digital yuan trials in April 2020.
China has reportedly gave away as much as 150 million digital yuan ($23.5 million) in order to promote digital currency use as part of the trials as of late March.
As previously reported, China’s central bank is looking to allow foreign athletes and visitors to use the digital yuan during the Beijing Winter Olympics in 2022.
