coinquora.com
Despite its notoriety for imposing strict crypto prohibitions for years, China has revealed that it is now having a massive blockchain pilot for various sectors. In fact, the country has now named up to 15 trial zones including the epicenters of its manpower and development Beijing and Shanghai, alongside other cities such as Guangzhou and Chengdu.
As per various reports, the blockchain trial hubs will focus on industries such as healthcare, finance, education, automobile, and energy. On top of these, China will attempt to integrate blockchain into some government and tax systems.
The move came after the country held a massive Central Bank Digital Currency (CBDC) trial from mid-2021, which saw the participation of 261 million users. This resulted in a whopping $8.3 billion worth of transactions in just a span of 6 months. What is more, over 8 million merchants in the country now accept the digital yuan for payments.
China has been known for its unfriendly stance regarding cryptocurrencies. Since last year, the country has imposed a stringent crypto crackdown that saw the closure of many bitcoin mining firms. This also sent ripples across the crypto market, sending the crypto rally to a halt. Other countries also followed suit, especially India and Russia.
However, most of these countries have since backpedaled and are now reconsidering their stance regarding cryptocurrencies. In particular, India has announced that it will instead impose a 30% tax on cryptocurrencies, while Russian strongman Vladimir Putin expressed support for crypto-friendly legislation filed at the turn of the year.