This economically self-sufficient country experimenting with blockchain technology once avoided crypto entirely.
‘World’s manufacturing hub’ countries had planned to run pilot projects with the motif of blockchain development across the region
- Until July 2021, China produced approx. 28.7% of global production
- In the past, the dragon country has banned Crypto and its operations related to trading and mining
- Now the country is seeking a basis for blockchain development for various operations in various fields
In September 2021, Chinese regulators put a complete ban on crypto trading and mining in the country. Reflection of the step seen when Bitcoin and the crypto market have experienced a downturn. It happened due to the fact that China was among the top Bitcoin mining countries back then.
Although it did not embrace Crypto, the country is looking forward to adopt the technology behind Crypto, Blockchain technology, for different areas and its work departments.
China’s Plan for Blockchain Adoption
The central Internet regulatory and control agency, Cyberspace Administration of China, also known as CAC, has announced pilot projects for blockchain development and innovation across its 15 zones and 164 different departments. With this small-scale experiment, the Chinese government aims to achieve large-scale blockchain technology implementation in various government organizations and enterprises in China.
Zones selected for blockchain pilot program
In this regard, these 15 zones include production, data sharing and services, energy consumption, law enforcement, criminal cases, taxation, copyright inspection, human society, health care, education, civil affairs, risk control, trade finance, stock market and intersection. border financing.
Roadmap for adoption by departments and expectations with the pilots
This wide adoption of the dragon land makes it a leading player in Blockchain technology. Not only government agencies, regulatory authorities are also notified by the CAC to promote the intensive and balanced design of blockchain technology infrastructure in the country. And to form a large-scale production level of data exchange support between different chains. Also promote multi-party collaborative blockchain industry formation.
The CAC notice included cities, companies and other entities directly involved in current blockchain pilot projects proposed by local departments. It emphasizes the need for regulatory departments to coordinate the progress and promotion of pilot projects. Further described blockchain’s role in promoting data sharing, reducing operating costs, improving collaboration efficiency, optimizing business processes, improving collaboration efficiency and most importantly, building a reliable system.
Steve Anderson is an Australian crypto enthusiast. He has been a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralization, understanding the true potential of the blockchain.
