The Chinese Ministry of Science and Technology has reportedly approved the launch of the National Center for Blockchain Technology Innovation.
It will be based in the capital, Beijing, and will focus on use cases that could boost the local economy.
Unlike BTC, China Supports Blockchain
according to recent coverage, the newly formed entity will try to advance the financial network of the most populous country by implementing the use cases of blockchain technology. The center, run by the Microchip Research Institute, will also collaborate with national universities and research institutes to gain insight into the industry.
Gathering talent in the blockchain sector, building a national scientific force, and increasing the technological capabilities of locals are also on the agenda.
Unlike cryptocurrencies, the PRC is open to exploring the merits of blockchain. President Xi Jinping is also a proponent, saying in 2019 that the nation needs to “seize the opportunities” presented by technology. He also described it as a “major advance in independent innovation of core technologies.”
However, this has not been the case for bitcoin and altcoins. The authorities forbidden all cryptocurrency operations on local soil in 2021, claiming the move could decrease financial crime and protect local investors from the alleged fraudulent nature of the assets.
CBDC also put itself on a pedestal
In addition to blockchain technology, the Chinese government has been actively exploring ways to develop and popularize its central bank digital currency (CBDC).
He distributed more than $26 million in e-CNY to residents of Shenzhen, Jinan, Lianyungang and Hangzhou so they could use the product as a means of payment during the Spring Festival. Chengdu and Beijing citizens received more than $10 million in digital yuan in 2021.
Lawmakers allowed the use of CBDC during the Winter Olympics held in the capital in early 2022: a decision that generated serious controversy.
US Senators Marsha Blackburn, Roger Wicker and Cynthia Lummis urged US athletes to stay away from e-CNY over spying concerns. The Chinese Foreign Ministry counterattacked, requesting Washington politicians refrain from commenting on products they don’t understand.
As crypto potato reportedathletes and visitors transacted more than $300,000 worth of digital yuan daily during the Olympic Games.
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