China Establishes National Blockchain Organization (Report)
The Chinese Ministry of Science and Technology has reportedly approved the launch of the National Blockchain Technology Innovation Center.
It will be based in the capital Beijing and will focus on use cases that can boost the local economy.
Unlike BTC, China supports Blockchain
According to recently coverage, the newly created entity will try to advance the economic network of the most populous country by implementing blockchain technology use cases. The center, led by the Microchip Research Institute, will also collaborate with domestic universities and research institutes to delve deeper into the industry.
Gathering talents in the blockchain sector, building a national scientific force and increasing the technological capabilities of local people are also on the agenda.
Unlike cryptocurrencies, the People’s Republic of China is open to exploring the benefits of blockchain. President Xi Jinping is also a proponent, saying in 2019 that the nation must “seize the opportunities” that technology provides. He also described it as an “important breakthrough in independent innovation of core technologies.”
However, this has not been the case for bitcoin and the alternative coins. The authorities shut out all cryptocurrency operations on local soil by 2021, claiming the measure could reduce financial crime and protect local investors from the allegedly fraudulent nature of the assets.
CBDC also put on a pedestal
Aside from blockchain technology, the Chinese government has been actively exploring ways to develop and popularize its central bank digital currency (CBDC).
It distributed e-CNY worth more than $26 million to residents of Shenzhen, Jinan, Lianyungang and Hangzhou so that they could use the product as a means of payment during the Spring Festival. Citizens of Chengdu and Beijing received over $10 million in digital yuan in 2021.
Lawmakers allowed the use of CBDC during the Winter Olympic Games held in the capital in early 2022: a decision that caused serious controversy.
US Senators Marsha Blackburn, Roger Wicker and Cynthia Lummis encouraged US athletes to stay away from e-CNY due to espionage concerns. The Chinese Foreign Ministry hit back, request Washington politicians refrain from commenting on products they do not understand.
As The crypto potato reportedathletes and visitors traded over $300,000 in digital yuan daily during the Olympic Games.
