Sign Up on MEXC
Shenzhen, a region known for its tech industry in China, recently hosted the inaugural digital economy conference. China’s local paper reported the launch of a Web3 accelerator fund as officials emphasized engagement in Web 3.0 initiatives.
Web 3.0 fund for businesses
Li Haolong, chair of the World Meta-Asset Association and the Greater Bay Area Capital Group, underlined the conference’s role. Haolong called it a technological beacon and a platform for international collaboration, the paper noted.
The official also revealed that the Greater Bay Area Capital Group plans to launch a $10 billion fund. The launch would be part of a Yuan Asset Web 3.0 Industry Fund. The accelerator will reportedly invest in global ventures in the Web3 space. It will cover initiatives in Yuan Asset, NFTs, real-world assets, and meta-assets.
In addition, Wu Ying, chairperson of the Digital China Federation and conference chair, emphasized the rapid development of technologies like artificial intelligence and blockchain.
Luo Jinhai, vice-chair of the conference, explained that meta-assets, originating from mathematical transformations, possess characteristics like autonomy, privacy, security, scarcity, and liquidity. The official pushed the idea that these assets require global discussion and participation.
China contradicts surveillance
The Web 3.0 accelerator fund launched days after the People’s Bank of China released the Financial Stability Report 2023. The report addressed the swift growth of the global crypto asset market and stressed the need for regulation under the principle of “same business, same risks, same supervision.”
While China proposes supervision for governance, its talks for global cooperation contradict surveillance in the digital space. In an official communication this week, the Ministry of Industry and Information Technology of China responded to a proposal about promoting the development of the Web3 industry.
The government highlighted that active research is ongoing in areas of Metaverse, NFTs, and decentralized identity management. It said that there’s a focus on evaluating risks and implementing technologies in various sectors.
Also Read: Gaming Crypto Tokens Face Ban in China’s GAPP Proposed Rules
- Avalon Labs Burns A Massive 93.9 Million AVL Tokens As Part of ‘Buyback and Burn’ Plan
- SOL Strategies Begins Trading on Nasdaq With $94M in Solana Holdings
- Bitcoin, Crypto Market Rise as Court Halts Trump’s Bid to Oust Fed Gov Lisa Cook
- Grayscale Files Registration Statements for Litecoin, Hedera, and Bitcoin Cash ETFs
- SEC Delays Decision on Bitwise Dogecoin ETF Ahead First DOGE ETF Launch
- Meme Coin Price Prediction: Shiba Inu, Pepe Coin, Dogecoin, TRUMP
- HYPE Price Eye $88 the Next as Lion Group’s Treasury Shifts to Hyperliquid
- Ripple Ecosystem Growth Meets Technical Strength—Is XRP Price on the Verge of $10?
- Cardano Price Prediction as Sept Fed 50bps Cut Odds Surge – Is $1.65 Next?
- Chainlink Price Prediction: Analyst Sees 48% Rally as Grayscale ETF Filing Ignites Hype
