Despite partial crypto bans, the Chinese Government has included blockchain technology in official state development policy.
A report titled “2022 Blockchain Whitepaper” was released by the government-owned China Academy for Information and Communications Technology (CAICT) on December 29.
The document claims that there are presently more than 1,400 blockchain companies based in Mainland China. When it comes to worldwide blockchain firms, the two nations represent a 52% market share together.
The CAICT also revealed that some 48 postsecondary schools in China have started offering degrees and certifications linked to “blockchain engineering.” Four different sorts of technologies with lots of possible applications were covered in the report by the institution.
To start, “settlement chains” would enable the open disclosure of telecom costs for companies like China Mobile and China Unicom. Second, by scanning the QR codes on the products, customers of Zhejiang Cold Chains would be able to confirm the origin of their food.
Third, buyers and sellers can get information on their counterparties by using the Trusple cross-border payments platform. Finally, tools for blockchain monitoring can assist financial regulators in identifying order discrepancies between various exchanges.
For their individual activities, major Chinese digital giants Tencent, Ant Financial, Huawei, and Alibaba have all formed “blockchain partnerships” in recent years.
Currently, ownership of cryptocurrencies and nonfungible tokens, or NFTs, is permitted in China, and their legality is safeguarded by the legal system. However, the nation has outlawed the use of digital exchanges, initial coin offerings, and cryptocurrency mining.
The Chinese government has placed innovations on its official national agenda despite setbacks. The People’s Republic of China’s State Council announced in October that it would prioritize “cloud computing, blockchain, and AI” as ways to enhance data management and public services.
Chinese officials declared on December 28 that a nationwide exchange for the trade of NFTs and copyrights for digital assets would open on January 1 of 2023.
