Nationwide Blockchain Development Is Airing In China!

Nationwide Blockchain Development Is Airing In China!

Key areas of Blockchain development include manufacturing, energy, government data exchange and services, law enforcement, taxation, criminal justice, inspection, and cross-border finance. 

The Cyberspace Administration of China (CAC) announced the start of internal efforts to accelerate blockchain development and innovation in 15 zones and 164 entities.

The initiative aims at the large-scale implementation of blockchain technology in companies and government organizations in China. 

The CAC, along with other government agencies, directed regulators to “promote the design of blockchain technology infrastructure in the region, form a large-scale support capacity for production-level cross-chain data exchange. 

And promote the formation of a multi-stakeholder ecology of collaborative Blockchain Industry. 

The notice also included a list of cities, companies, and other entities dictated by the local and departmental recommendations  that would be directly involved in the blockchain pilots. 

The key areas of blockchain development include manufacturing, energy and data exchange and government  services. 

Law enforcement, taxation, criminal justice, inspection, copyright, civil affairs, human society, education, healthcare, corporate finance, asset management, risk, securities market and cross-border finance. 

The circular also emphasizes the Need for regulatory departments to coordinate the advancement and promotion of  pilot projects “and fully exploit the role of blockchain in promoting data exchange. 

Optimizing business processes, reducing operational costs, improving collaboration efficiency and building a reliable system. 

Despite a strong stance against crypto adoption, the Chinese government continues to show interest in related ecosystems, including blockchain and non-fungible tokens (NFTs). 

More recently, the Blockchainbased Service Network (BSN), a government-backed blockchain project in China, was reportedly working on e-infrastructure to help businesses and individuals build NFT-centric platforms and applications.

As Cointelegraph reported, the project aims to support the deployment of platforms capable of trading non-crypto NFTs via fiat currency.

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