China Trains 500,000 Blockchain Pros: Crypto Cold, Blockchain Bold

1. China’s blockchain research center plans to train 500,000 professionals for Web 3.0.
2. National-level blockchain network to connect existing blockchains, boost digital economy.
3. China’s continued blockchain investment despite crypto ban shows dualistic approach.

As China maintains a frosty disposition towards cryptocurrencies, it simultaneously warms to the transformative potential of blockchain technology. The newly inaugurated national blockchain research center in Beijing, backed by the Ministry of Science and Technology, is testament to this dichotomy. The center’s ambitious objective is to cultivate an impressive cadre of 500,000 blockchain professionals, fuelling the growth of China’s Web 3.0 industry.

A collaboration between universities, research institutions, and enterprises, the center promises to propel the country’s digital economy into the future. More than just a training ground, the center is set to be an epicenter of research and industrialization of blockchain technology, aiming to construct a national-level blockchain network. This visionary network will integrate existing blockchains in China, thus catalyzing the development of various industries.

Zheng Zhiming, a scholar at the Chinese Academy of Sciences, underscored the necessity of a unified blockchain ecosystem in a Xinhua report, highlighting the current disconnected state of blockchains in China as a hindrance to the digital economy’s progress.

The Beijing Academy of Blockchain and Edge Computing, a research institution sanctioned by the Beijing government and co-creator of Chang’an Chain – China’s first indigenous open-source blockchain platform – spearheads the center.

Although China’s ban on cryptocurrency trading remains steadfast, the country perceives blockchain technology as an invaluable instrument for industries and government administration. This sentiment is echoed in the State Council’s 14th five-year plan, issued in December 2021, which designated blockchain as one of the seven major development areas for China’s digital economy.