• China released a Web3 white paper in May that indicated Web3 is the future of the internet.
• The news of Hong Kong’s crypto developments was widespread throughout China, including on national TV.
• Animoca co-founder Yat Siu believes that Web3 is a powerful tool to challenge the US’s technological and economic hegemony.
China Releasing White Paper on Web3
In May 2021, China released a white paper indicating that Web3 would be the future of the internet. This news coincided with Hong Kong officially announcing plans to allow retail crypto investments. According to Animoca co-founder Yat Siu, this signals some “big moves” happening in mainland China, despite it banning crypto.
Hong Kong Crypto Developments Widespread in China
The news of Hong Kong’s crypto developments was ubiquitous in China, including on Chinese national TV channel CCTV. Siu mentioned that this should not be underestimated as it shows approval from mainland China for these developments and indicates they would not have happened without their permission.
Web3 Could Challenge US Hegemony
Siu argued at the Ethereum Community Conference (EthCC) that Web3 could be used as a powerful tool to push away from United States’ tech hegemony and its potentially detrimental security risks posed by dependence on tech giants like Google, Apple and Facebook.
Animoca Co-Founder Believes In Power of Web3
The Animoca co-founder believes strongly in the potential power of Web3 and its ability to challenge US hegemony within technology and economics through its development and implementation.
Overall, this article provides an insight into how closely related cryptocurrency adoption is with wider developments within mainland China as well as showing how influential Animoca Co-Founder Yat Siu believes Web3 can be in challenging US technological and economic hegemony. By understanding this connection between cryptocurrency use and global political strategies, we can gain valuable insights into where cryptocurrency may potentially be heading within different markets around world