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Thursday, June 1, 2023

Chinese Government Launching National Blockchain Innovation Center

Chinese Government Launching National Blockchain Innovation Center – China’s Ministry of Science and Technology has approved the establishment of a blockchain research center called the National Blockchain Technology Innovation Centre, according to a report in the government-run Beijing Daily newspaper. The Beijing Academy of Blockchain and Edge Computing (BABEC), supported by the Beijing municipal government, will head the new National Blockchain Technology Innovation Centre located in Beijing. 

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This center will concentrate on advancing blockchain technology and its industrial applications, as well as examining significant applications relevant to the Chinese economy and personal well-being, according to the report. Despite the country’s anti-crypto stance and ongoing crackdown on crypto-related activities, China has been supportive of development around blockchain technology.

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In 2019, Chinese President Xi Jinping said blockchain would play “an important role in the next round of technological innovation and industrial transformation.” He called for more efforts to accelerate development in the sector. After receiving support from Xi Jinping, there was a surge of tech corporations, startups, and investors into the blockchain industry.

As a result, the number of blockchain businesses registered with the China Cyberspace Administration rose to 1,821 in July last year. Red Date Technology, based in Hong Kong and a founding member of the China Blockchain-based Service Network, initiated a new project recently with the aim of integrating stablecoins and central bank digital currencies for cross-border payment purposes. 

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The BSN, supported by entities affiliated with the Chinese government such as the State Information Center (SIC) under the National Development and Reform Commission (NDRC), is backing this effort. Despite this, China has maintained its stance against cryptocurrencies.

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A previous advisor to the People’s Bank of China (PBOC), the country’s central bank, recently urged the Chinese government to reassess its ban on cryptocurrencies. He expressed concern that a long-term ban on crypto-related products could lead to the loss of potential benefits from technologies such as blockchain, which hold “significant value” for regulated financial systems.

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