The Chinese Government is setting up a national blockchain innovation center in Beijing, which will be concentrating on industrial uses and key applications of blockchain technology, particularly those linked to the Chinese financial system.
China Launches New Blockchain Hub
On Wednesday, China’s Ministry Of Science And Technology announced the formation of a Blockchain Research Center, known as National Blockchain Technology Innovation Center. This hub is expected to be located in Beijing and will be operated by the Beijing Academy Of Blockchain And Edge Computing (BABEC), which has the backing of the Beijing municipal government.
The center will be focusing on the development of blockchain-related science and their industrial applications, as reported by the article. It will also explore the primary use cases linked to the Chinese financial system and personal lives.
Despite the nation’s negative stance on cryptocurrency and continuing clampdown on cryptocurrency-related activities, China has helped to drive the advancement of blockchain technology. Last year in 2019, Chinese President Xi Jinping stated that blockchain would have “an important role in the next round of technological innovation and industrial transformation.” He called for further efforts to speed up the development of this sector.
Following the president’s statement, many tech companies, startups and investors have flooded the blockchain market. The number of blockchain companies registered with the Cyberspace Administration Of China (CAC) jumped to 1,821 in July of last year.
Hong Kong-based Red Date Technology, one of the founding members of China’s Blockchain-based Service Network (BSN), launched a new project last month to implement central bank digital currencies in cross-border payments. The BSN is backed by entities related to the Chinese Government, and is also part of the State Information Center (SIC) under the National Development And Reform Commission Of China (NDRC).
Meanwhile, China has maintained its anti-crypto stance. A former advisor to the nation’s central bank institution, the People’s Bank Of China (PBOC) has urged the Chinese Government to review the cryptocurrency ban. He warned that a permanent ban on cryptocurrency-related products could result in missed opportunities in technologies like blockchain, which are “very valuable” to regulate financial systems.
What are your thoughts on the Chinese Government setting up a new center for blockchain innovation in Beijing? Let us know in the comments section.
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