Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Chinese Government Launches National Blockchain Innovation Center – Bitcoin News
The Chinese government is establishing a national blockchain innovation center in Beijing to focus on industrial applications and large-scale use cases of blockchain technology, especially those related to the Chinese economy.
China establishes new blockchain center
China’s Ministry of Science and Technology has approved the establishment of a blockchain research center called the National Blockchain Technology Innovation Centre, the government-run Beijing Daily reported on Wednesday.
The new blockchain center will be based in Beijing and will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), which is supported by the Beijing Municipal Government. The center will focus on developing blockchain-related technologies and their industrial applications, the publication said, adding that it will also explore major use cases related to Chinese economy and personal livelihood.
Despite the country’s anti-crypto stance and ongoing crackdown on crypto-related activities, China has supported developments around blockchain technology. In 2019, Chinese President Xi Jinping said blockchain would play “an important role in the next round of technological innovation and industrial transformation”. He called for more efforts to speed up development in the sector.
After Xi’s approval, many tech firms, startups and investors flooded the blockchain space. The number of blockchain companies registered with the Cyberspace Administration of China (CAC) climbed to 1,821 last July.
Hong Kong-based Red Date Technology, a founding member of China’s Blockchain-based Service Network (BSN), launched a new project last month to implement both stablecoins and central bank digital currencies (CBDCs) in cross-border payments. The BSN is supported by entities linked to the Chinese government, including the State Information Center (SIC) under China’s National Development and Reform Commission (NDRC).
Meanwhile, China has continued its anti-crypto stance. A former adviser to the country’s central bank, the People’s Bank of China (PBOC), recently called on the Chinese government to reconsider its ban on cryptocurrency. He warned that a permanent ban on crypto-related products could lead to lost opportunities in technologies such as blockchain, which are “very valuable” to regulated financial systems.
What do you think about the Chinese government setting up a new blockchain innovation center in Beijing? Let us know in the comments section below.
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