The Chinese government is establishing a national blockchain innovation center in Beijing to concentrate on industrial applications and significant use cases of blockchain technology, particularly those connected to the China economy.
The National Blockchain Technology Innovation Centre has received approval from China‘s Ministry of Science and Technology, according to a story published on February 8th by the state-run daily Beijing Daily.
The BABEC will be Supported by the Beijing City Government for This Blockchain Initiative
The Beijing Academy of Blockchain and Edge Computing (BABEC), which has the support of the Beijing city government, will be in charge of the new blockchain center. The center will have its headquarters in Beijing. According to the journal, the center will concentrate on creating blockchain-related technologies and their commercial applications and will also investigate significant use cases in the Chinese economy and people’s daily lives.
China has supported the advancement of blockchain technology despite the nation’s anti-crypto stance and continued crackdown on crypto-related activity. Blockchain will “play a key role in the next phase of technological innovation and industrial transformation,” according to Chinese President Xi Jinping in 2019. He urged more efforts to hasten the sector’s growth.
China Seems to Finally Retracting its Prohibition Policy on Cryptocurrencies
Located in Hong Kong, a new initiative to integrate stablecoins and central bank digital currencies (CBDCs) in cross-border payments was introduced last month by Red Date Technology, a founding member of China’s Blockchain-based Service Network (BSN). The State Information Center (SIC) under China’s National Development and Reform Commission is one of several Chinese government-affiliated organizations that support the BSN (NDRC).
China has kept up its opposition to cryptocurrency. Recent calls for the Chinese government to reconsider its prohibition on cryptocurrencies came from a former adviser to the People’s Bank of China (PBOC), the nation’s central bank. He expressed concern that a blanket prohibition on anything connected to cryptocurrencies may lead to missed opportunities in fields like blockchain, which are “extremely beneficial” to regulated financial institutions.
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