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 Ch...
