China’s growing presence in cryptocurrency and blockchain technology has been making waves recently. China has established a national blockchain research center to bolster further its position, which commenced operations on Wednesday.
A notable objective of this center is to cultivate a substantial workforce by training at least 500,000 skilled professionals in blockchain technology. These trained individuals will support and advance China’s Web 3.0 industry, paving the way for significant developments and innovations.
The center aims to forge collaborations with universities, think tanks, and blockchain businesses nationwide, fostering blockchain technology advancement in China.
The slow pace of the digital economy in the country can be attributed to the isolated nature of the current blockchain technology. As a result, industries find it time-consuming to implement the functionalities and activities of various companies, leading to inefficiencies.
To overcome this challenge, developing a more integrated and connected blockchain infrastructure that can facilitate seamless transactions and interactions between different industries is essential. This will not only improve the efficiency of business operations but also enhance the overall growth of the digital economy in the country.
The Beijing Academy of Blockchain and Edge Computing, a research institution supported by the Beijing government and a pivotal contributor to Chang’an Chain (China’s pioneering open-source blockchain platform), spearheads the center’s activities.
China’s stance on cryptocurrency trading may be strict, but the nation remains steadfast in recognizing the potential of blockchain technology for various industries and government operations.
The State Council’s 14th five-year plan, released in December 2021, highlighted blockchain as one of the critical areas driving China’s digital economy. This underscores China’s active pursuit of blockchain innovation and its commitment to leveraging this transformative technology.
A recent report states that the Chinese government is actively moving towards establishing its digital currency. In April, it made a significant announcement regarding expanding the use cases for the digital yuan to include its renowned “Belt and Road” initiative and cross-border trades.
