China to Launch a National Blockchain Research Hub
- China recently announced the launch of a state-backed NFT marketplace.
- Despite its ban crypto activities, China plans to be a leading player in blockchain.
Although crypto trading remains banned in China, the Asian giant has continued to make progress in embracing blockchain technology and aims to play a leading role in Web 3. China’s Ministry of Science and Technology has approved the launch of its National Blockchain Technology Innovation Center.
According to local sources, the research hub will serve as a spot for studying blockchain technology for industrial applications as well as how it might be used in the national economy.
The center will also establish a research network with nearby universities, think tanks, and blockchain companies to further research blockchain. The outcomes of this research will be applied to advance China’s digitalization and boost its blockchain sector.
The new center will be headed by the Beijing-based research and development organizations Microchip Research Institute and the Edge Computing Research Institute.
China Embraces Blockchain
Over the last couple of years, China has actively promoted itself as a blockchain-friendly country. China claimed to account for 84% of all blockchain applications submitted globally as of September 2022.
The Chinese government is also focused on creating a central bank digital currency in addition to blockchain research. To encourage the use of its digital currency, China has distributed e-CNY valued at millions of dollars all around the country. However, as of October 2022, total e-CNY transactions had only reached 100 billion yuan ($14 billion).
The Chinese government has also expressed interest in NFTs, another blockchain sector making waves. Last year, China noted that it had launched the “China Digital Asset Trading Platform,” which will serve as a state-backed marketplace for NFTs.
Aside from state-led blockchain initiatives, several Chinese companies have made moves to embrace the nascent industry.Some of the top Chinese companies are making great progress when it comes to developing blockchain-based services, despite the stringent restrictions placed on private individuals.
Companies like Alibaba, one of the top tech companies in the world by market capitalization, announced a partnership with the Avalanche blockchain in December 2022 to enable node-as-a-service activities.
I have covered some exciting stories in my career as a journalist and find blockchain-related stories very intriguing. I believe Web3 will change the world and want everyone to be a part of it.
