The announcement also claims that the city has already invested heavily in this area of research:“Beijing has significantly progressed in autonomous blockchain technology development and application scenarios.“Related: An overview of China’s digital yuanBeijing bets on blockchain for economic growthThe plan involves developing blockchain software that targets breakthroughs in cryptography, confidential computing and distributed systems.
Source: Beijing governmentThe Beijing Blockchain Innovation and Application Development Action Plan recognizes blockchain as a “critical foundational technology for industrial digitalization and vital digital infrastructure.” Notably, the objectives also include plans to “enhance the value extraction from digital assets through blockchain,” which may indicate crypto mining.
The “Web3 Innovation and Development White Paper” recognized Web3 technology as an “inevitable trend for future Internet industry development.“The commission behind the paper hoped to establish Beijing as an innovation hub for the digital economy and planned to allocate a minimum of 100 million yuan ($14 million) annually until this year.
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Author / Journalist: Cointelegraph by Adrian Zmudzinski
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