Despite its opposing stance against cryptocurrencies, China has an interest in related technologies such as blockchain projects and non-fungible tokens (NFTs).
According to a recent joint government statement, China has begun work on its blockchain project. The Cyberspace Administration of China (CAC) said that China had selected 15 zones and 164 entities to expedite blockchain development and innovation. Primarily the initiative targets the implementation of blockchain technology on a large scale in China. The initiative will span across government organizations and businesses in China.
China Chooses Pilot Zones for Blockchain Project
About 15 governmental bodies came together to issue the statement, including the ministry of industry and information technology. As stated by the CAC, others are the ministry of education, the National Energy Administration and the central bank. The China Securities Regulatory Commission is also one of the governmental bodies.
The governmental bodies instructed that the regulatory bodies will “promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology.”
The CAC highlighted the pilot zones in its official WeChat account. The Administration said the selected zones include areas in mar cities in China such as Beijing and Shanghai. Also, the zones include Guangzhou in southern Guangdong and Chengdu in Sichuan province. On the other hand, the entities that were chosen to carry out the blockchain pilot project in China include universities and hospitals.
The CAC also announced some companies to be a part of the project. They include Commercial Bank of China, China National Offshore Oil Corp, SAIC-GM-Wuling Automobile Co, Beijing Gas Group Co., and Industrial. These entities have been assigned to conduct projects in government, energy, law, manufacturing, and so on. Also, the entities, which include hospitals, universities, and companies, will organize projects in trade and finance, health, education, tax services, and cross-border finance.
“Each area’s cyberspace administration and relevant industry regulator should…Give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, and improving collaboration efficiency in building a credible system,” explained the CAC.
BSN to Unveil State-Backed Blockchain Infrastructure
Despite its opposing stance against cryptocurrencies, China has an interest in related technologies such as blockchain projects and non-fungible tokens (NFTs). Coinspeaker reported earlier this month that China’s Blockchain Service Network (BSN) plans to unveil an infrastructure to support the deployment of NFTs. With the infrastructure, people will be able to build platforms and apps to manage NFTs. The CEO of Red Date Technology, which gives technical support to BSN, He Yifan commented at the time. He stated that NFTs “have no legal issue” within the country. He emphasized that NFTs do not have any legal challenges if they have no relations with Bitcoin and other cryptos.
China is particular about the government-backed blockchain project amid the desperate need for a credible infrastructure to home all NFTs. According to Yifan, the lack of a state-dedicated NFT infrastructure means that NFTs will be available on “unreliable” private blockchains.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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