Beijing will soon establish a National Blockchain Technology Innovation Center. Local reports claim that the Ministry of Science and Technology of China gave a go-ahead to the launch.
The report notes that it will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC). It is under the municipal government.
Blockchain to Develop Chinese Digital Sector
The official clearance reportedly gives the green light to develop important core technologies in the field of blockchain. It would also lead to the acceleration of industrialization, the cultivation of top talent, and the creation of a national blockchain strategic technology force.
In 2019, President Xi Jinping urged for increased study and funding for blockchain technology. Xi said that Blockchain would play “an important role in the next round of technological innovation and industrial transformation.”
Around the same time, China increased the clampdown on mining and trading in the private crypto market. After Sept. 2021, the People’s Bank of China (PBOC) ban brought a staggering halt to the domestic market.
Meanwhile, according to reports, Xi has insisted that blockchain technology may be used in various industries, including infrastructure and finance. Between the new year holidays, 200 digital yuan events have been introduced throughout China to promote its CBDC. A centrally backed digital currency is among the country’s many blockchain applications.
Administration Keeping an Eye on Private Market
The center will now offer services for enhancing the nation’s technical innovation capacities in the sphere of blockchain technology, which will, in turn, help in achieving high-level technological self-reliance and self-improvement.
The document also emphasizes that the Microchip Research Institute, in coordination with top domestic universities, research institutes, and foundational industry businesses, is leading the establishment of the Blockchain National Innovation Center.
Last year, the Chinese local government also disclosed a “Beijing Urban Sub-Center Metaverse Innovation and Development Action Plan (2022 -2024)”. Meanwhile, the Beijing Municipal Administration for Market Regulation has continued to stress the dangers of metaverse investment and NFTs with speculative components.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.