China Targets Blockchain Breakthroughs With Beijing Research Center: Report
The center will focus on blockchain use related to the economy and individuals' livelihoods in an attempt to make the technology central to China's digital infrastructure.
Feb 10, 2023 at 12:11 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/W4PBBQTM35HZZEPGXWNZB2NOKU.jpg)
Beijing (Shutterstock)
China is establishing a blockchain research center in Beijing as it explores integrating the technology more extensively into day-to-day life, the South China Morning Post reported on Thursday.
The Ministry of Science and Technology approved the establishment of the National Blockchain Technology Innovation Center recently, the SCMP reported, citing the government-run newspaper Beijing Daily. The center will focus on major use cases related to the economy and individuals' livelihoods in an attempt to make blockchain central to China's digital infrastructure.
The move reflects the government's enthusiasm for the technology despite having banned the use of cryptocurrency. Blockchain received its first mention in China's most recent five-year policy plan in 2021, which said it would play a key role in the country's digital economy.
As of July, more than 1,800 blockchain companies were registered with the Cyberspace Administration of China (CAC), the SCMP reported.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/Wsw21Z13uYNeMwlEy09fcHX_LHw=/arc-photo-coindesk/arc2-prod/public/Z2G3HHMTVJGWRAQIH4UHCT3FEY.jpg)
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.