{"id":17537,"date":"2023-02-11T23:22:05","date_gmt":"2023-02-11T23:22:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/chinese-government-launching-national-blockchain-innovation-center-bitcoin-news\/"},"modified":"2023-02-11T23:22:05","modified_gmt":"2023-02-11T23:22:05","slug":"chinese-government-launching-national-blockchain-innovation-center-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/chinese-government-launching-national-blockchain-innovation-center-bitcoin-news\/","title":{"rendered":"Chinese Government Launching National Blockchain Innovation Center \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The Chinese government is setting up a national blockchain innovation center in Beijing to focus on industrial applications and major use cases of blockchain technology, particularly those related to the Chinese economy.<\/strong><\/p>\n

China Establishing New Blockchain Center<\/h2>\n

China\u2019s Ministry of Science and Technology has approved the establishment of a blockchain research center called the National Blockchain Technology Innovation Centre, the government-run newspaper Beijing Daily reported Wednesday.<\/p>\n

The new blockchain center will be based in Beijing and will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), which is backed by the Beijing municipal government. The center will focus on developing blockchain-related technologies and their industrial applications, the publication conveyed, adding that it will also explore major use cases related to the Chinese economy and personal livelihoods.<\/p>\n

Despite the country\u2019s anti-crypto stance and ongoing crackdown on crypto-related activities, China has been supportive of development around blockchain technology. In 2019, Chinese President Xi Jinping said<\/a> blockchain would play \u201can important role in the next round of technological innovation and industrial transformation.\u201d He called for more efforts to accelerate development in the sector.<\/p>\n

Following Xi\u2019s endorsement, many tech firms, startups, and investors flooded the blockchain space. The number of blockchain companies registered with the Cyberspace Administration of China (CAC) climbed to 1,821 in July last year.<\/p>\n

Hong Kong-based Red Date Technology, a founding member of China\u2019s Blockchain-based Service Network (BSN), launched<\/a> a new project last month to implement both stablecoins and central bank digital currencies (CBDCs) in cross-border payments. The BSN is backed by entities linked to the Chinese government, including the State Information Center (SIC) under China\u2019s National Development and Reform Commission (NDRC).<\/p>\n

Meanwhile, China has continued its anti-crypto stance. A former adviser to the country\u2019s central bank, the People\u2019s Bank of China (PBOC), recently called on the Chinese government to reevaluate<\/a> its cryptocurrency ban. He warned that a permanent ban on crypto-related products could result in missed opportunities in technologies like blockchain, which are \u201cvery valuable\u201d to regulated financial systems.<\/p>\n

What do you think about the Chinese government setting up a new blockchain innovation center in Beijing? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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