China is Regulating and Promoting Blockchain Tech Like No Other Country
China pegs particular locations and industries for National trial
China might have banned crypto but it’s pretty bullish on distributed ledger technology, on a regulated way of course! The 4th industrial revolution really is happening in China.
Seize the Blockchain
China’s regulation of technology has been unprecedented since 2020, and it has now released particular zones for trials of Blockchain. You might remember In 2019, President Xi Jinping called on China to “seize the opportunities” presented by blockchain, giving his personal backing to the technology.
Local government departments, universities, banks, hospitals, car companies and power firms are among the 164 entities chosen by China to carry out trial blockchain applications.
Beijing and Shanghai are among the cities designated by China to trial blockchain applications.
This essentially means the State is regulating distributed ledger projects very strictly but also in an organized way.
China has already made AI Deep Fakes illegal. China wants to emphasize the utility of adoption of blockchain in real-world use cases, something the rest of the world has struggled in doing and implementing since 2009.
Some of the key areas of blockchain development include manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal trials, inspection, and cross-border finance.
The Blockchain Edict of the CAC: Cyberspace Admin of China
The Chinese capital Beijing and mega city Shanghai as well as Guangzhou in the south are all part of the pilot projects. The CAC really seems all-powerful today in China. Think about the scale of this Edict of Blockchain.
The Cyberspace Administration of China (CAC) announced the commencement of an in-house effort to expedite blockchain development and innovation across 15 zones and 164 entities.
The notice also included a list of cities, companies and other entities — predetermined by the local and departmental recommendations — that will be directly involved in the blockchain pilots.
The CAC, along with other government agencies, directed the regulatory authorities to “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.”
This is actually China being Bullish about Blockchain, funny enough. All the pilot units should “give priority to adopting blockchain software and hardware technologies,” the notice said.
Meanwhile, the People’s Bank of China is pushing ahead with the rollout of a digital version of the country’s yuan. This CBDCs are completely centralized by the central banks of their respective countries.
If you enjoyed the topic of this article you might enough Web 3.0 News where I share articles about the cryptocurrency, DeFi, NFT, blockchain and distributed ledger movement.
If you want to tip me or support my writing, please do so as I cannot continue to write without extensive community support. For now I’m following a patronage model where nearly all my articles are free with future premium content plans in the works.