Chinese Government Opens National Blockchain Innovation Center –

The Chinese government sets up a national Blockchaininnovation hub in Beijing to focus on industrial applications and key use cases of blockchain technology, particularly those related to the Chinese economy.

China launches new blockchain hub

China’s Ministry of Science and Technology has approved the establishment of a blockchain research center called the National Blockchain Technology Innovation Center, state-run newspaper Beijing Daily reported on Wednesday.

The new blockchain center will be based in Beijing and 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, according to the publication, adding that it will also explore key use cases related to China’s economy and personal livelihood.

Despite the country’s anti-crypto stance and ongoing crackdown on crypto-related activities, China has supported developments surrounding blockchain technology. In 2019, Chinese President Xi Jinping said blockchain will “play an important role in the next round of technological innovation and industrial transformation.” He called for more efforts to speed up development in this sector.

After Xi’s endorsement, many tech companies, startups, and investors flooded the blockchain space. The number of blockchain companies registered with the Cyberspace Administration of China (CAC) rose to 1,821 in July last year.

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 institutions associated with 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 urged the Chinese government to revise its ban on cryptocurrencies to reevaluate. He warned that a permanent ban on crypto-related products could lead to missed opportunities in technologies like blockchain that are “very valuable” to regulated financial systems.

What do you think of the Chinese government’s launch of a new Blockchain Innovation Center in Beijing? Let us know in the comment section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

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