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Blockchain witnesses some key areas of development in manufacturing, energy, law enforcement, taxation, criminal trials, inception, and cross-border finance. Recently, the Cyberspace Administration of China (CAC) has announced the commencement of an in-house effort to expedite blockchain development across the nation. Notably, the development and innovation will be piloted across 15 zones and 164 entities. According to the authorities, the initiative aims for the large-scale implementation of blockchain in the region.
China leading with the blockchain technology
China is one of the major countries that have prohibited the use of cryptocurrencies. However, the Chinese government has been bullish on blockchain technology. And the latest initiative by the CAC will help the nation implement the technology on a larger scale across businesses and government organizations in the nation.
Notably, the authority along with other government agencies directed the regulatory authorities to promote the intensive and balanced layout of the millennial tech infrastructure in the territory. Indeed, the initiative will form a large-scale production level cross chain data exchange support capability.
Ultimately, China will promote the formation of a multi-party collaborative blockchain industry ecology.
Entities that will involve in the pilot program
The notice from CAC also involved a list of cities, firms, and entities. Notably, these were predetermined by the local and departmental recommendations. Moreover, these will directly be involved in the blockchain pilots.
Following the list, we have observed that the vital areas of development include manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal trials, ispectino, copyright, civil affairs, human society, education, healthcare, trade finance, risk control management, equity and shares market, and cross-border finance.
Regulators should coordinate
CAC also emphasized that the Chinese regulatory departments should coordinate the advancement and promotion of the pilot program. Indeed, they will have to provide full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing costs, enhancing collaborative effects, and creating a trusted environment.
No Cryptocurrency adoption
China is showing notable interest in blockchain and Non-Fungible Tokens (NFTs). However, the nation’s government is against cryptocurrency adoption. Notably, the Chinese authorities are working on an infrastructure to support businesses and individuals in building NFT-focused platforms and applications. According to experts, the project will help support the deployment of platforms capable of trading non-crypto NFTs through government issued fiat.