The Chinese government is taking a progressive approach to blockchain technology development. The Ministry of Science and Technology unveiled a new national blockchain research center in Beijing. This center will collaborate with universities, tech firms, and other research institutes to advance the blockchain and Web3 arenas in China. The nation has taken a strict stance on cryptocurrency trading. The government has emphasized the need to differentiate blockchain from its digital asset applications. With the launch of the new research center, the Chinese government is launching a plan to train 500,000 blockchain professionals over the next few years.
China Establishes a National Blockchain Network
China has recently established a new Blockchain Research and Development Center in the country’s capital, Beijing. The center’s mission is to not only develop and train new blockchain professionals, but also to create a nationwide blockchain network. This network will link existing Chinese blockchains. For example, the Chang’An Chain, an open-source platform created by the Beijing Academy of Blockchain and Edge Computing. Moreover, promote cross-chain development. This is an important step for China in its efforts to remain a leader in the blockchain industry.
Harnessing the Potential of Chang’An Chain and Xiaotong Medical Chain
The Chang’An Chain and the Xiaotong Medical Chain are two of China’s most promising blockchain applications. The State Grid is harnessing the potential of the Chang’An Chain to record carbon lifecycle data on-chain. Meanwhile, the Xiaotong Medical Chain, built using ChainMaker, is enabling medical institutions, government authorities, and insurers to securely share information. It provides a cryptographically secured and verifiable channel, allowing for data to be securely stored and shared. With these two powerful blockchain applications, China is making huge strides towards a more secure, transparent, and efficient digital future.
How China’s Digital Asset Firms Are Coping With the Country’s Crypto Ban
In China, the government has been vocal about its stance on the use of blockchain technology for anything other than commercial applications. However, that hasn’t stopped digital asset firms in the country from attempting to navigate around the country’s crypto ban. It’s clear that the demand for cryptocurrencies among the Chinese population remains strong. Furthermore, making the enforcement of the crypto ban difficult. Some firms have managed to find a workaround by relocating their operations from mainland China to Hong Kong. It remains to be seen if this strategy will continue to be successful in the long run.
Cryptocurrency Businesses Thriving in Hong Kong Despite Beijing Ban
Despite the Chinese central bank’s ban on cryptocurrency in 2021, businesses in the industry continue to thrive in Hong Kong. The city’s crypto-friendly policies have enabled firms like Huobi to expand their presence in the area, recovering some of the momentum that may have been lost due to the ban. Hong Kong has become one of the world’s largest hubs for cryptocurrency businesses, offering a hospitable climate for the industry’s growth. Companies such as Huobi are taking advantage of the city’s welcoming stance, taking their operations to new heights.
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