China Targets Blockchain Breakthroughs With Beijing Research Center: Report
The center will focus on blockchain use related to the economy and individuals' livelihoods in an attempt to make the technology central to China's digital infrastructure.
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China is establishing a blockchain research center in Beijing as it explores integrating the technology more extensively into day-to-day life, the South China Morning Post reported on Thursday.
The Ministry of Science and Technology approved the establishment of the National Blockchain Technology Innovation Center recently, the SCMP reported, citing the government-run newspaper Beijing Daily. The center will focus on major use cases related to the economy and individuals' livelihoods in an attempt to make blockchain central to China's digital infrastructure.
The move reflects the government's enthusiasm for the technology despite having banned the use of cryptocurrency. Blockchain received its first mention in China's most recent five-year policy plan in 2021, which said it would play a key role in the country's digital economy.
As of July, more than 1,800 blockchain companies were registered with the Cyberspace Administration of China (CAC), the SCMP reported.
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Jamie Crawley is a CoinDesk news reporter based in London.