Chinese Government Launching National Blockchain Innovation Center

The Chinese government is establishing a national blockchain innovation center in Beijing to focus on industrial applications and major use cases for blockchain technology, especially those related to the Chinese economy.

China creates a new blockchain center

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

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 supported by the Beijing Municipal Government. The publication said the center will focus on developing blockchain-related technologies and their industrial applications, adding that it will also explore major use cases related to the Chinese economy and personal life.

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

Since Xi’s approval, many tech firms, startups, and investors have flooded the blockchain space. The number of blockchain companies registered with the China Cyberspace Authority (CAC) rose to 1,821 last July.

Hong Kong-based Red Date Technology, one of the founders of the China Blockchain Service Network (BSN), launched a new project last month to integrate stablecoins and central bank digital currencies (CBDCs) into cross-border payments. BSN is supported by organizations associated with the Chinese government, including the State Information Center (SIC) under the National Development and Reform Commission of China (NDRC).

Meanwhile, China continues 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 reconsider its ban on cryptocurrencies. He warned that a permanent ban on cryptocurrency-related products could lead to missed opportunities in technologies such as blockchain, which are “highly valuable” to regulated financial systems.

What do you think about the Chinese government setting up a new blockchain innovation center in Beijing? Let us know in the comments below.

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