- China has been pushing the use of blockchain across multiple sectors including healthcare, finance, power, etc.
- Last week on January 25, China’s state-run Blockchain-Based Service Network (BSN) released its own NFT platform.
While the Chinese government has been blocking crypto use from all ends, it has been making all efforts to rapidly push the use of blockchain technology. Last Saturday, January 30, China’s Central Cyberspace Administration of China (CAC) announced an ambitious plan to speed up blockchain use.
China is now looking to speed up blockchain development and innovation across 15 zones and 164 cities. The detailed notice lists out all the companies, cities, and other organizations that shall be directly working on blockchain-based projects across the country.
Related: China plans to legalize NFTs, prepares separate laws from cryptocurrencies
The list names industries across sectors like Qingdao Haier Refrigerator, Nanjing Iron and Steel, and Aerospace Information in manufacturing. Besides, it also includes courts and justice bureaus as well as state power grids for energy management. The list also names some of the educational institutes such as Xidian University, Beijing University, and Sichuan University.
The notice comes just days after the Chinese authorities decided to legalize the use of non-fungible tokens (NFTs). China will facilitate the use of NFTs under laws that are separate from the regular crypto laws. Last week on January 25, China’s state-run Blockchain Based Service Network (BSN) released its own NFT platform.
The BSN-led NFT platform will have a total of ten blockchain which will allow use of NFTs as certification tools.
China’s bullish move on blockchain
In its recent circular, CAC emphasizes the need for “collaborative advancement” to steer ahead blockchain development in the country. Besides, it has asked provincial network information offices and industry supervisory departments to focus on “promoting the pilot construction work together”. The goal with this is to have interoperability between different networks.
Besides, the government also lays out certain key areas for blockchain development. This includes sectors like energy, manufacturing, law enforcement, government data sharing and services, criminal trials, taxation, etc. It also talks about the use of blockchain from finance to healthcare as well cross-border trade.
However, China’s move with blockchain isn’t new. Although the government isn’t comfortable with the use of public cryptocurrencies, it has put greater emphasis on the use of blockchain.
China has been one of the first major economies to test the use of a central bank digital currency (CBDC) running on a blockchain platform. The Chinese CBDC aka Digital Yuan will make an appearance during the Beijing Winter Olympics ahead this year.
Furthermore, China has been already pilot testing its CBDC over the last few months. Earlier this month, china’s central bank – People’s Bank of China – released their data which shows that the cumulative transactions in Digital Yuan have crossed $13.68 billion in the last two years.
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