- The Chinese Ministry of Science and Technology approves the construction of China’s first Blockchain Technology Innovation Centre.
- Despite a ban on cryptocurrencies, China sees blockchain as a critical part of its digital infrastructure.
The Chinese Ministry of Science and Technology green flags the development of its National Blockchain Technology Innovation Centre in Beijing to run Blockchain research.
The center will be led by the Microchip Research Institute, Beijing Academy of Blockchain and Edge Computing, a research and development institution backed by the Beijing government.
The research hub’s prime objectives circle around researching the technology for industrial applications as well as the methods of application in the national economy, per state media reported by the South China Morning Post.
Additionally, the center will handle the industrialization of blockchain technology which entails fundamental theories, both hardware and software development, and the construction of blockchain platforms. Adding to the list the hub plans to collaborate with domestic universities, as well as research institutes and businesses.
China to launch a National Blockchain Research Center🔥. pic.twitter.com/SpBtwqz6NI
— 3-ARROWS ACADEMY (@3arrows_academy) February 10, 2023
China has been actively marketing itself as a blockchain nation in recent years. In September 2022, its government claimed that China accounts for 84% of all blockchain applications filed worldwide. While the real numbers might not differ much, the approval rate is low, with only 19% of the total filed applications getting approved.
A former executive of the People’s Bank of China recently urged the country to review its stringent crypto restrictions. The former official argued that a permanent ban on crypto could result in many missed opportunities for the formal financial system, including those related to blockchain and tokenization.