Over the weekend, authorities at the Beijing Municipal Science & Technology Commission, which oversees the Zhongguancun Chaoyang Park – a cluster of China’s top tech companies and academic institutions – released a whitepaper outlining
On Crypto Twitter, this excited the usual crowd, egged on by a tweet from Binance CEO Changpeng Zhao, who said the timing was “interesting” considering Hong Kong’s soon-to-be-enabled crypto regulatory framework on June 1.Web3, in China, means an internet enhanced by artificial intelligence, blockchain, faster computing chips and more resilient networks.
The whitepaper is more interested in defining – and enhancing – the layers of infrastructure behind the internet, which it identifies as the infrastructure layer, interactive terminal layer, platform tool layer and application layer, in a way that’s reminiscent of the, which has been the bible of network topology since the 1980s.
And by no means is this a bad thing. It might be time that our understanding of a network layer is updated to account for new technologies, and China is keen to write theBut this doesn’t have anything to do with crypto. Bulls of the China narrative say that mainland China is only a few steps behind Hong Kong in opening its doors to crypto trading, just like how it looked to the semi-autonomous territory for lessons in stock markets before opening its own. This might be the case now, but a lot has to be figured out before then, such as how to allow crypto trading to exist without running into conflict with mainland China’s rules on capital control.Important events.
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