China's Perspective on Web3 Revealed

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.
 
It's worth noting that the white paper is from Zhongguancun, the Chinese government's designated high-tech industrial zone that's home to some of the country's better-known tech firms, and may not necessarily reflect the official position of Beijing's municipal government, let alone the nation's top policymakers. Zhao also seems to have conflated what the Commission dubs Internet 3.0 with web3.


Source: Yahoo UK