Despite its continued pressure on crypto, China plans to establish the National Blockchain Technology Innovation Center in the capital, Beijing.
According to China Daily’s February 8 report, China will form a research network with local universities, think tanks and blockchain businesses to conduct research on core blockchain technologies. With this research network, China aims to further digitize the industry.
Beijing Academy of Blockchain and Edge Computing (BABEC), developer of the Chang’an Chain and ChainMaker blockchain networks, will be responsible for the Blockchain Technology Innovation Center. The project is supported by an ecosystem of 50 commercial companies such as China Construction Bank and China Unicom.
China Has The Most Blockchain Patents
China has been playing an active role in the blockchain field, especially in recent years. China claimed in September 2022 that China has the largest number of blockchain patents worldwide. Although the number of applications made is high, only 19 percent of these applications are approved.
Along with blockchain, the central bank digital currency (CBDC) project has also become a trademark of the Chinese government. Millions of dollars worth of e-CNY were distributed across the country to increase adoption. However, cumulative e-CNY transactions only exceeded 100 billion yuan ($14 billion) in October 2022.
A former executive of the People’s Bank of China (PBoC) has urged the country to review strict crypto restrictions. The former official argued that a permanent ban on crypto could miss out on many opportunities for the official financial system, including blockchain and tokenization.
