China Invests in Blockchain Future – Plans to Train 500,000 Experts Amid Crypto Ban – Cryptopolitan
China has changed the tide to be one of the leading countries in blockchain technology development. The Chinese government announced the opening of a National Blockchain Research Center in Beijing, aiming to train half a million professionals in the blockchain industry by 2025.
The move is in line with China’s push for technology self-reliance, particularly in the blockchain space, which is seen as a strategic sector. Amid the rise of the BRICS economic-political union, China is setting a pace to become the next global superpower.
China’s National Blockchain Center to Train 500,000 Specialists
According to reports, the center will be run jointly by the Ministry of Industry and Information Technology, Tsinghua University and the China Academy of Information and Communications Technology. It is expected to play a significant role in driving innovation and development in the blockchain industry.
According to a report from SCMP Tech, the center will be responsible for the research, development and application of blockchain technology, with a focus on industrial blockchain solutions. The center will also be involved in standardisation, industrial development, talent training and international cooperation.
According to Zheng Zhiming, a professor at Beihang University’s School of Mathematics and Systems Science, the center’s mission is to connect a number of blockchain use cases in the country – so-called “blockchain islands” – into a unified network:
“Connecting blockchain application platforms and aggregating blockchain application ecology will significantly improve blockchain innovation capabilities and core competitiveness.” Zheng Zhiming
According to market analysts, the center will work with important blockchain technologies such as consensus algorithms, smart contracts, privacy and security. They added that the center would also be responsible for developing blockchain-related industry standards, promoting blockchain application and innovation, and supporting the construction of blockchain infrastructure.
The center aims to create a large pool of talent in the blockchain industry that will drive blockchain innovation and development in China. The center plans to train a total of 500,000 blockchain professionals in the coming years.
China’s blockchain push
China’s support for the development of blockchain technology comes despite the country’s ban on cryptocurrencies in 2019. The Chinese government has been vocal about its support for blockchain technology as a strategic sector that will help the country achieve technological self-reliance.
According to a report by Cryptopolitan, the Chinese government has invested heavily in blockchain technology, with the central government allocating more than $4 billion in blockchain-related projects in 2020 alone.
The Chinese government has also promoted the use of blockchain technology in various industries, including finance, supply chain management and healthcare. In 2020, the country launched a blockchain-based service network that aims to provide blockchain infrastructure and services to businesses and individuals across the country.
China’s push for blockchain technology is seen as a move to reduce its reliance on foreign technology and establish itself as a leader in emerging technologies. With the launch of the National Blockchain Research Center, China aims to build a strong talent pool in the blockchain industry, promote blockchain innovation and development, and achieve technological self-reliance.
Hong Kong’s crypto security haven
Despite the government’s emphasis on alternative blockchain applications, China’s digital asset firms have had to find methods to circumvent the country’s crypto ban.
Moreover, the Chinese population’s demand for cryptocurrency remains robust. And enforcing the blanket ban on cryptocurrency trading has proven problematic. Some businesses have found success by moving their operations from mainland China to Hong Kong.
Unlike Beijing, Hong Kong has fostered an environment conducive to crypto businesses. And some of the biggest crypto companies in the world now have offices there.
For example, companies such as Huobi have increased their presence in the city despite being virtually paralyzed by the crypto ban. Also, due to Hong Kong’s crypto-friendly policies, Huobi and its competitors have regained some of their luster.
Some Hong Kong branches of mainland institutions also onboard crypto clients. The Hong Kong Monetary Authority issued a circular late last month instructing local banks to assist regulated virtual asset companies with a “legitimate need for bank accounts.”