China has been making significant strides in cryptocurrency and blockchain technology, garnering considerable attention. To strengthen its position further, the country recently launched a national blockchain research center, which officially started its operations on Wednesday.
One of the critical goals of this center is to nurture a robust workforce by training at least 500,000 skilled professionals in blockchain technology. These individuals will play a crucial role in supporting and propelling China’s Web3 industry, creating opportunities for noteworthy advancements and innovations.
The center aims to establish partnerships with universities, think tanks, and blockchain enterprises across the country, fostering the progress of blockchain technology in China. By promoting collaboration, the center seeks to accelerate the development and implementation of blockchain solutions in various sectors.
The sluggish progress of the digital economy in the nation can be attributed to the isolated nature of the existing blockchain technology. This isolation leads to the time-consuming implementation of various companies’ functionalities and processes, resulting in inefficiencies.
To address this challenge, developing a more integrated and interconnected blockchain infrastructure that enables smooth transactions and interactions across different industries is crucial. Such an infrastructure would not only enhance the efficiency of business operations, but also foster the overall growth of the digital economy in the country.
The Beijing Academy of Blockchain and Edge Computing, a research institution supported by the Beijing government, plays a crucial role in driving these efforts. This academy is a significant contributor to Chang’an Chain, China’s pioneering open-source blockchain platform, and leads the initiatives of the newly established center.
While China maintains strict regulations on cryptocurrency trading, the country continues to acknowledge the immense potential of blockchain technology in various industries and government operations.
The 14th five-year plan, issued by the State Council in December 2021, emphasized blockchain as a critical driver of China’s digital economy. This demonstrates China’s proactive approach to blockchain innovation and its dedication to harnessing the power of this transformative technology.
According to a recent report, the Chinese government is actively progressing toward developing its digital currency. In April, a significant announcement was made, expanding the application of the digital yuan to encompass the renowned “Belt and Road” initiative and cross-border trades. This highlights China’s ongoing efforts to leverage its digital currency in strategic initiatives and international trade.