China seems to be opening up to some parts of the industry. Despite its hard stance on trading and owning cryptocurrencies like Bitcoin and Ethereum, the country is pushing for the development of Web3. According to the white paper, Web3 represents a considerable breakthrough and is a technology described as an “inevitable trend in the future development of the Internet industry, and a three-dimensional space with highly immersive interactive experience and fusion of virtual and real.” The white paper outlines that Beijing is in a leading position in terms of Web3 industry development, which brings us to the next point.
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