Key Takeaways:
- China is launching a blockchain research facility in Beijing as it looks towards fully incorporating the blockchain benefits into daily life.
- The Beijing Academy of Blockchain and Edge Computing (BABEC) will be in charge of the new organization
A local news source claims that the Chinese government has given its approval for the establishment of the National Blockchain Technology Innovation Center in Beijing, which will carry out blockchain advancement and research.
The centre will focus on blockchain-related fundamental theory, technology, and hardware domains in order to produce crucial advances and commercial goods. The China administration wants this research centre to focus on making crucial technological advancements related to the blockchain. Beijing’s blockchain institute strives to test a distributed ledger system while keeping a ban on cryptocurrency.
Blockchain will serve as a key pillar of China’s new digital infrastructure since the new centre will also concentrate on significant use cases relating to the national economy and individual livelihoods.
The Beijing Academy of Blockchain and Edge Computing, a company best known for creating the Chang’an Chain or ChainMaker blockchain, is in charge of the new school. 50 major firms make up the ecosystem that supports this blockchain, most of which are state-owned, such China Construction Bank or China Unicom.
Despite having outlawed the usage of cryptocurrencies, the action reveals the government’s excitement for the technology. The most recent five-year strategy plan for China included the first mention of blockchain in 2021 and predicted that it will be crucial to the development of the nation’s digital economy.
In light of China’s crypto ban, former member of the PBoC Monetary Policy Committee Huang Yiping recently stated his concerns about the future of technology in China.
Huang’s warning highlights the importance of considering the long-term effects of cryptocurrency legislation, particularly in light of rapidly developing financial technologies.
Recently, China also rejoined the NFT sector after declaring a general ban earlier this year, it also unveiled its first national platform for trading digital assets. A platform launch ceremony was held in Beijing on January 1st, 2023.
