- China launched a state-supported blockchain research center in Beijing with the goal of promoting the integration of technology into daily life.
- The Chinese government is prioritizing the development of a central bank digital currency and millions of dollars in e-CNY have been distributed nationwide to boost its adoption.
- Justin Sun recently announced that China is taking significant steps to regulate cryptocurrencies through taxes levied on digital asset transactions.
Launch of National Blockchain Technology Innovation Center
China has launched a state-supported blockchain research center in Beijing with the goal of promoting the integration of technology into daily life through focused research and development efforts. According to a report from a local news outlet, the Chinese government has approved the launch of the National Blockchain Technology Innovation Center in Beijing to conduct blockchain research and development. The center plans to develop a research network with local universities, think tanks, and blockchain companies in order to explore and develop core blockchain technologies. The research findings will be utilized to further digitalize China and grow its blockchain industry. The new institution will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), an entity popular for developing Chang’an Chain or ChainMaker blockchain.
Chang’an Chain
Chang’an Chain is China’s first domestically developed open-source blockchain platform. The platform is already supported by an ecosystem of 50 business corporations, many of which are owned by the state. However, further details regarding the institute’s opening date, budget, or staffing were not revealed.
Regulation on Cryptocurrencies
Despite the Chinese government’s ongoing crackdown on cryptocurrencies, the launch of the National Blockchain Technology Innovation Center reflects the government’s enthusiasm for blockchain technology. Blockchain technology was first mentioned in China’s five-year policy plan in 2021 and was identified as playing a key role in the country’s digital economy. In addition to blockchain research, Tron founder Justin Sun announced that China is taking significant steps to regulate cryptocurrencies through taxes levied on digital asset transactions. This move signals that Chinese government may view cryptocurrencies as legitimate form wealth which can be taxed accordingly.
