China Establishes National Blockchain Research Center to Boost Web 3.0 Industry – Cryptopolitan

China’s growing presence in cryptocurrency and blockchain technology has been making waves recently. China has established a national blockchain research center to further strengthen its position, which began operations on Wednesday.

A notable goal of this center is to cultivate a significant workforce by training at least 500,000 skilled professionals in blockchain technology. These trained individuals will support and promote China’s Web 3.0 industry, paving the way for significant developments and innovations.

The center aims to build cooperation with universities, think tanks and blockchain companies across the country, and promote blockchain technology development in China.

The slow pace of the digital economy in the country can be attributed to the isolated nature of the current blockchain technology. As a result, industries find it time-consuming to implement the functions and activities of various companies, leading to inefficiencies.

To overcome this challenge, it is important to develop a more integrated and connected blockchain infrastructure that can facilitate seamless transactions and interactions between different industries. This will not only improve the efficiency of business operations but also increase the overall growth of the digital economy in the country.

The Beijing Academy of Blockchain and Edge Computing, a research institution supported by the Beijing government and a key contributor to Chang’an Chain (China’s pioneering open source blockchain platform), spearheads the center’s activities.

China’s stance on cryptocurrency trading may be strict, but the nation remains steadfast in recognizing the potential of blockchain technology for various industries and government operations.

The State Council’s 14th Five-Year Plan, released in December 2021, highlighted blockchain as one of the critical areas driving China’s digital economy. This underscores China’s active pursuit of blockchain innovation and its commitment to harnessing this transformative technology.

A recent report states that the Chinese government is actively moving towards establishing its digital currency. In April, it made a significant announcement regarding expanding the use cases of the digital yuan to include its acclaimed “Belt and Road” initiative and cross-border trade.