Chinese Government Backs Blockchain Despite Crypto Ban

China has opened a new national blockchain research center in Beijing.

The center aims to become a hub for blockchain research and development in the country. 

The Chinese government is fully supporting this initiative. The center has ambitious plans to train 500,000 professionals in the field of blockchain.

China is focusing on exploring non-cryptocurrency applications of blockchain technology. The government wants to separate blockchain from digital assets like cryptocurrencies. They see the potential of blockchain beyond financial transactions.

The research center will collaborate with universities, tech companies, and other research institutes to drive the growth of the blockchain and Web3 industries in China. Their goal is to create a network that links all the existing blockchains throughout the country, forming a nationwide blockchain infrastructure.

China has already made progress with various blockchain projects. For example, the Beijing Academy of Blockchain and Edge Computing has created ChainMaker, also known as the Chang'An Chain. This open-source platform is being used in applications like recording carbon lifecycle data and creating trusted data links in the healthcare industry.

While China has banned crypto trading, the demand for cryptocurrencies remains high. Some Chinese digital asset firms have relocated their operations to Hong Kong, which has a more crypto-friendly environment. Companies like Huobi have found success in Hong Kong, thanks to its supportive policies.

China's Blockchain Research Center: Fostering Innovation Beyond Cryptocurrency

The new blockchain research center in Beijing is a clear sign of China's commitment to blockchain technology. By focusing on non-cryptocurrency applications, they aim to explore the full potential of blockchain in different sectors. The center's efforts in training professionals and establishing a nationwide blockchain network will contribute to the growth of the industry in China.

China wants to become a leader in blockchain innovation and application. The research center's collaboration with universities and tech companies will drive research and development in the field. By separating blockchain from digital assets, they are emphasizing the technology's broader applications.

Overall, the opening of the national blockchain research center in Beijing marks a significant step for China in harnessing the power of blockchain. With its strategic focus on non-cryptocurrency use cases and plans for extensive training, China aims to stay at the forefront of blockchain technology and its applications.