Web3 technology's potential and industry development are covered in the document. The local newspaper The Paper covered this report in depth this week.

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Web3 Innovation and Development for 2023 is the title of this paper. The Beijing Municipal Science and Technology Commission designed and printed it. This report discussed new internet service trends and aspects.

Web3 technology and cryptocurrencies are linked because of the idea of the next internet development from the interactive web.

Crypto White Paper Discusses AI's Effect on Web3.

Web3's white paper included AI, content generation, and XR interactive terminals. Beijing has also tackled associated aspects that affect internet 3.0, such as technical support, adoption rate, talent support, laws, and commercial compliance dynamics.

Young Hongfu, director of the Beijing Municipal Commission, announced plans to invest 100 million Yuan or $14 million till 2025.

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The commission known locally as Zhongguancun Chaoyang Park is commonly called China's Silicon Valley. Key crypto heavyweights like CZ have tweeted about the white paper, which has created a new conversation.

Another optimistic development in China is CCTV's new crypto segment. CCTV's brief crypto coverage was seen as a favorable omen for crypto in China given CCTV is a state-owned broadcaster.

Cryptocurrency aficionados worldwide watch CCTV's Bitcoin bulletin. CZ claimed it was an indication of Hong Kong crypto restrictions.

Based on prior coverage of such situations, the CEO believes the Bitcoin logo airing is an optimistic indicator. He predicted higher trading and positive price development.

The episode also covered the Hong Kong Bitcoin ATM. Recent developments and regulations in the bitcoin business have eased.

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In 2021, China outlawed mining, advertising, and trading of cryptocurrencies. The catastrophe drove Bitcoin miners out of the region and reduced the country's primary hash rate contribution.