BREAKING DOWN CHINA’S WEB3 WHITE PAPER

Summary from the TLDR Crypto newsletter

The big news this week was China’s web3 white paper, which indicated plans to thoroughly develop web3 tech and embrace concepts like NFTs and the Metaverse. The government plans to encourage the development of its own version of web3 through a "whole-of-government" approach, similar to its Web 2.0 strategy. The paper does not endorse Bitcoin or Ethereum, but shows a deep understanding of web3 tech. This could be a signal that while China acknowledges the potential of web3, it may not lift restrictions on cryptocurrency trading.