China to launch national blockchain research center

Despite the ongoing crackdown on crypto, China continues to use blockchain technology, up until the launch of the National Blockchain Technology Innovation Center in the capital Beijing.

According to China Daily report Starting February 8, the Center will establish a research network with local universities, think tanks, and blockchain companies to conduct research on core blockchain technologies. The fruits of this study will be used to further the digitalization of China and, as the report highlights, its industry in particular.

The new institution is in charge of the Beijing Academy of Blockchain and Edge Computing (BABEC), an organization best known for developing the Chang’an Chain or the ChainMaker blockchain. This blockchain is already supported by an ecosystem of 50 business corporations, most of which, such as China Construction Bank or China Unicom, are state-owned. At the time of publication, the known number of transactions per second (TPS) that ChainMaker can perform is 240 million. compared to 100,000 TPS in 2021.

Chinese Communist Party officials set key performance indicators for e-yuan transactions in Suzhou

In recent years, China has been actively promoting itself as a blockchain nation. In September 2022, his government claimed that China accounted for 84% of all blockchain applications filed in the world. While the actual numbers may not differ much, the approval rate is significantly low, with only 19% of the total number of applications submitted being approved.

Along with blockchain, the Central Bank Digital Currency (CBDC) project has become a trademark of the Chinese government. Millions of dollars worth of electronic CNY have been distributed across the country in an attempt to speed up their adoption. However, cumulative e-yuan transactions exceeded 100 billion yuan ($14 billion) in October 2022 alone.

Despite all efforts to embrace digital innovation, the former head of the People’s Bank of China (PBOC) recently urged the country to reconsider its strict restrictions on cryptocurrencies. The former official argued that a permanent ban on cryptocurrencies could lead to missing out on many opportunities in the official financial system, including those related to blockchain and tokenization.

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