Recently in Shenzhen, a tech hub in China, the curtains were raised on a brand new digital economy conference. The buzz was all about the announcement of a massive Web3 accelerator fund, a move that shows China’s keen interest in diving into the world of Web 3.0.
$10 Billion Web 3.0 Fund Unveiled
Li Haolong, who leads the World Meta-Asset Association and the Greater Bay Area Capital Group, shed light on the significance of this conference. He described it as a lighthouse of technology and a crossroads for global cooperation.
Here’s the big news: the Greater Bay Area Capital Group is gearing up to roll out a whopping $10 billion Yuan Asset Web 3.0 Industry Fund. This fund isn’t just for show – it’s set to pump money into Web3 ventures across the globe. From Yuan Asset to NFTs, and even real-world and meta-assets, they’re covering all bases.
Wu Ying, the head honcho of the Digital China Federation and the conference chair, didn’t miss the chance to highlight the breakneck speed of tech advancements in areas like AI and blockchain.
Luo Jinhai, the conference’s vice-chair, dove into the details of meta-assets. Born from complex math, these assets boast features like autonomy, privacy, and scarcity, not to mention liquidity and security. Luo emphasized the need for a global conversation and active participation in this arena.
China’s Stance on Digital Surveillance
This exciting launch comes right on the heels of the People’s Bank of China dropping its Financial Stability Report 2023. The report zeroes in on the explosive growth of the global crypto asset market. It’s all about calling for regulations that treat similar businesses equally, ensuring fair supervision across the board.
China is playing an interesting game here. On one hand, it’s pushing for governance and regulation, but on the other, it’s championing global cooperation. This seems a bit at odds with the general concern about digital surveillance.
Just this week, the Ministry of Industry and Information Technology of China weighed in on a proposal to boost the Web3 industry. The message was clear: the government is deep into exploring realms like the Metaverse, NFTs, and decentralized identity management. They’re not just exploring, though. They’re actively assessing risks and looking to weave these technologies into various sectors.
