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China pilots nationwide blockchain development over real-world use cases

31 Jan 2022 By : Coin Gabbar
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The Cyberspace Administration of China (CAC) announcedthe commencement of an in-house effort to expedite blockchain development andinnovation across 15 zones and 164 entities. 

The initiative aims for the large-scale implementationof blockchain technology across businesses and government organizations inChina. 

The key areas of blockchain development includemanufacturing, energy, government data sharing and services, law enforcement,taxation, criminal trials, inspection, copyright, civil affairs, human society,education, healthcare, trade finance, risk control management, equity marketand cross-border finance.

The circular also emphasizes the need for regulatorydepartments to coordinate the advancement and promotion of the pilot projects“and give full play to the role of blockchain in promoting data sharing,optimizing business processes, reducing operating costs, improvingcollaborative efficiency, and building a trusted system.”

As if the bitcoin mining crackdownwas not enough, the country’s regulators optedto ban crypto trading altogetherin September. Unlike the previous crypto transaction crackdowns, the country’scentral bank, in conjunction with nine other state bodies, including the policeand the supreme court, removed all shroud of doubt regarding the country’s stanceon cryptocurrency and left no room for misinterpretation.

Despite a strong stance againstcrypto adoption, the Chinese government continues to show interest in relatedecosystems including blockchain and nonfungible tokens (NFT).