China Pilots Blockchain Development Across the Country

Cyberspace Administration of China: CAC launches in-house program to accelerate blockchain development and innovation in 15 zones across 164 agencies.

This commitment aims to expand the adoption of blockchain technology to domestic companies and governments.

Main areas where blockchain is expected to be used are manufacturing, energy, data exchange, government services, law enforcement, taxation, criminal procedure, auditing, copyright, civil affairs, human society, education, healthcare, trade finance, risk management, capital markets, and cross-border finance.

The CAC, along with other government agencies, has directed regulators to promote the intensive and balanced placement of blockchain technology infrastructure in the region. This is to build capacity to support cross-chain data sharing in large-scale production and promote the formation of a collaborative ecosystem of the blockchain industry.

Furthermore, the announcement includes a predefined list of cities, companies, and other entities. This will be directly related to the blockchain pilot project.

Although the Chinese government has taken a strict stance against the adoption of cryptocurrencies, it continues to show interest in related ecosystems such as blockchain and NFT.

Blockchain-based services network BSN is the latest government-backed blockchain project in China. It is reportedly working on an infrastructure to help companies and individuals build platforms and applications focused on NFTs.

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