China selects pilot zones to test blockchain technology
The Cyberspace Administration of China (CAC) has announced the launch of an internal initiative to accelerate blockchain development and innovation across 15 zones and 164 enterprises.
China has selected 15 pilot zones
Along with other government agencies, the CAC has directed regulators to promote the development of blockchain technology infrastructure in the region. The initiative aims to introduce blockchain technology on a large scale to enterprises and government organizations in China, which can, for example, support large-scale cross-chain data exchange at the production level and promote the formation of a multi-party collaborative blockchain. The pilot zones include areas in China's major cities of Beijing and Shanghai, as well as Guangzhou and Chengdu in the southern Guangdong and Sichuan, respectively,The announcement also included a list of cities, enterprises, and other entities directly involved in the blockchain pilots, identified through recommendations from local authorities and ministries. Critical areas of blockchain development include manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal procedure, inspection, copyright, civil affairs, human society, education, healthcare, trade finance, risk control management, equity market, and cross-border financing.
China is still interested in blockchain technology
Despite its strict stance against the adoption of cryptocurrencies, the Chinese government shows interest in related ecosystems, including blockchain and non-fungible tokens (NFTs). Recently, the Blockchain-based Service Network (BSN), a government-backed blockchain project in China, has reportedly worked on infrastructure to help companies and individuals build NFT platforms and apps.The circular also emphasizes the need for regulators to coordinate the further development and promotion of the pilot projects "and take full advantage of the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaboration efficiency, and building a trustworthy system."
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