The Chinese government agency is ready to boost the adoption of blockchain technology in the country, with its plan to expedite blockchain development.
China is a crypto-hater country. In Q4 2021, China launched its own Central Bank Digital Currency (CBDCs), digital Yuan. At present, digital Yuan is under the second pilot phase rollout. These things are showing that China banned crypto but it loves blockchain technology much.
On 29 January, the Cyberspace Administration of China (CAC) announced its plan to boost the advancement and adoption of blockchain technology in 15 zones and 164 entities. The main aim of this initiative by CAC is to bring the adoption and integration of the businesses and government organizations in China with the blockchain network.
” (CAC) promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology,” the announcement noted
The announcement also noted that there will be involvement of cities, companies, and other entities directly in this new initiative of China. The choice of the involvement of local entities of cities will be decided by the local authorities.
Here this initiative will try to integrate the cities to bring all possible integration with the help of blockchain technology. Like manufacturing, 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 market, and cross-border finance.
For the promotion and advancement in this new effort of CAC, regulatory agencies, as well as other government departments, will participate. However, collaboration with agencies will bring improvement and advancement in these initiatives.
Recently the government-backed blockchain association announced that they will support NFTs based businesses and startups without the involvement of cryptocurrencies. These things are showing that China is going fully with Blockchain technology adoption but doesn’t want to see crypto circulation or adoption in the country.