Blockchain Research Center set, soon unfolded in Beijing
- China is trying to figure out more use cases for blockchain technology.
- China Banned Cryptocurrency in 2021; Buy in promoting their CBDCs.
Blockchain technology became popular after introducing digital assets like Bitcoin and several others. According to a Chinese media outlet, the country plans to establish a blockchain research center in Beijing.
On February 8, 2023, the government of the densely populated nation of China revealed that it would launch a national blockchain technology innovation in the nation’s capital.
The China Morning Post highlights that the government of China is developing a national research center to test the capabilities of blockchain and to develop many more things where blockchain can play an important role.
It is important to note that the use of cryptocurrency in China is prohibited. The country’s government banned crypto mining and trading way back in 2021.
The Ministry of Science and Technology approved the proposal to develop a research center for blockchain. The center aims to create a research network with local universities.
In addition to promoting the development of blockchain technology, the center is also expected to play a key role in developing standards and regulations for the industry.
As blockchain technology continues to grow and develop, it is important to have a clear and consistent set of rules and guidelines to ensure it is used responsibly and securely.
Introducing a blockchain research center and imposing taxes on crypto holdings could signal that China is working hard to devise appropriate regulations for the crypto industry.
Perhaps in the coming times, China may develop a new concept or technology based on blockchain-ledger technology. China is among the most innovative nations and ranked 11th out of 132 countries.
The China Morning Post quoted Xi Jinping, China’s president, as saying blockchain will “play an important role in the next round of technological innovation and industrial transformation.”
According to several reports and surveys, China is among the top 5 countries where cryptocurrencies are used the most. But China had no crypto ATMs in the country.
Although Hong Kong is a special administrative region of China, it has 145+ crypto ATMs, of which 140 are in Hong Kong, 3 in Mong Kok, 2 in Yuen Long and 1 in Fanling.
Most recently, a Chinese technology journalist Colin Wu noted that “Chinese authorities had conducted an investigation into the earnings of crypto whales to tax their earnings.”
Colin stated that an anonymous whale told him that “since the beginning of 2022, a local tax department has requested an audit of their personal income tax. There are many people and a detailed list of the whales that have been inspected.”
The TRON founder wrote, “China has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions,” adding, “This signals the country’s growing embrace of cryptocurrencies.”
Crypto trading and mining is not just about blockchain; it can be explored further and can be used for much improvement in several other industries. Likewise, in the healthcare sector, journaling of patient reports and medicines can be easily tracked with the help of the introduction of blockchain in the healthcare industry.
