The Chinese government has approved the establishment of a blockchain research center
The National Blockchain Technology Innovation Centre has received approval from China’s Ministry of Science and Technology to open as a blockchain research facility.
The Beijing Academy of Blockchain and Edge Computing (BABEC), which has the support of the Beijing municipal government, will be in charge of the new blockchain center, which will have its headquarters in Beijing. According to the journal, the center will concentrate on creating blockchain-related technologies and their commercial applications and will also investigate significant use cases pertaining to the Chinese economy and people’s daily lives.
China has supported the advancement of blockchain technology despite the nation’s anti-crypto stance and continued crackdown on crypto-related activity. Blockchain, according to Chinese President Xi Jinping, would “play an important role in the next phase of technical innovation and industrial transformation,” in 2019. He urged greater initiatives to quicken the sector’s development.
Many Internet companies, entrepreneurs, and investors flocked to the blockchain industry after Xi’s backing. In July of last year, the number of blockchain businesses registered with the Cyberspace Administration of China (CAC) reached 1,821.
Based in Hong Kong A new project to integrate stablecoins and central bank digital currencies (CBDCs) in cross-border payments was introduced last month by Red Date Technology, a founding member of China’s Blockchain-based Service Network (BSN). The State Information Center (SIC) under China’s National Development and Reform Commission is one of several Chinese government-affiliated organizations that support the BSN (NDRC).
China, meantime, has maintained its opposition to crypto. A former adviser to the People’s Bank of China (PBOC), the nation’s central bank, has urged the Chinese government to reexamine its prohibition on cryptocurrencies. He cautioned that a blanket prohibition on cryptocurrency-related goods might lead to lost opportunities in fields like blockchain, which are “extremely beneficial” to regulated financial systems.
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