China has a complicated relationship with crypto. The Chinese government continues to promote the use and development of blockchain, but crypto trading is still banned in mainland China. Recently, the crypto community had some hope that China may change its tune on crypto.
The Beijing Municipal Science and Technology Commission published a 100-plus-page paper last week about the next generation of the internet — Beijing internet 3.0, or Web3. The paper covers everything from blockchain to the metaverse and AI (though it makes no mention of crypto).
Meanwhile, new regulations allowing crypto trading just went into effect in Hong Kong.
In this episode of Crypto Monitor, Vin Narayanan and Allison Brickell discuss how these two events are connected and why this is a victory for the crypto community.
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