• China is launching a research center for blockchain innovation in Beijing to explore core blockchain technologies.
• China’s National Blockchain Innovation Center will be managed by the Beijing Academy of Blockchain and Edge Computing (BABEC).
• The Chinese central bank has rolled out e-yuan (e-CNY) to promote CBDC adoption across the country.
China Launches Research Center For Blockchain Innovation
China has taken steps to further commit itself to blockchain technology with the launch of a new research center for blockchain innovation in Beijing. The National Blockchain Innovation Center will collaborate with local universities, experts, and firms in order to further explore core blockchain technologies.
Beijing Academy Of Blockchain And Edge Computing
The research institution will be managed by the Beijing Academy of Blockchain and Edge Computing (BABEC). BABEC is well known for its ChainMaker blockchain, which boasts support from 50 business corporations, including the State-owned China Construction Bank (China Unicom). Currently, ChainMaker achieves 240 million transactions per second (TPS), while it processed 100,000 TPS in 2021.
Chinese Government’s Commitment To Blockchain Technology
Despite having stringent regulations against cryptocurrency trading, China remains committed to innovating with blockchain technology and even dubs itself as a “blockchain nation”. In September 2022, it was reported that 84% of all filed blockchain applications worldwide were from China. However, only 19% of these have been approved so far.
Promotion Of CBDC Adoption Across The Country
As part of its efforts to promote CBDC adoption across the country, the Chinese central bank has begun rolling out e-yuan (e-CNY), worth millions of dollars. This move is expected to encourage more citizens and businesses alike to adopt this digital currency as an alternative payment option or investment asset.
China’s commitment towards developing its digital infrastructure through exploring various aspects of blockchain technology can surely be seen as a positive step forward into ushering in a new era of financial revolution all around the world. With the launch of this new research center and ongoing promotion of CBDC adoption across the country, it appears that China could soon become one of the most advanced nations when it comes to utilizing cutting edge technologies such as these for its own benefit – not forgetting about driving global progress too!