• China has launched a state-supported blockchain research center in Beijing to promote the integration of technology into daily life.
• The center will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC).
• Despite the ongoing cryptocurrency regulations, the Chinese government is also prioritizing the development of a central bank digital currency.
China Launches Research Center for Blockchain Technology
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.
Goals of The Innovation Center
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 the Chang’an Chain or ChainMaker blockchain. For the uninitiated, Chang’an Chain is China’s first domestically developed open-source blockchain platform which is already supported by an ecosystem of 50 business corporations many owned by state. However, further details regarding institute’s opening date, budget or staffing were not revealed.
Chinese Government Prioritizing Development Of Central Bank Digital Currency
Despite Chinese government’s ongoing crackdown on cryptocurrencies, launch of National Blockchain Technology Innovation Center reflects government enthusiasm for blockchain technology as it was first mentioned in 2021 five-year policy plan & identified as playing key role in country’s digital economy. In addition to this, Chinese government is also prioritizing development of central bank digital currency & millions e-CNY have been distributed nationwide to boost its adoption. On Jan 30th Tron founder Justin Sun announced that China is taking significant steps to regulate cryptocurrencies through taxes levied on digital asset transactions indicating that Chinese government seemingly viewing cryptocurrencies as legitimate form wealth & therefore seeking tax them too.
Regulations Tighten Despite Launch Of Research Institute
Despite launch institute reflecting governments enthusiasm for technology & prioritizing central bank currency regulations are still tight on cryptocurrencies as Justin Sun announcement indicated significant steps taken by Chinese government regulate these assets through taxation levies on transactions thus viewing them legitimate form wealth & therefore subjecting them taxation process too .
Conclusion
To conclude despite increasing regulation surrounding cryptocurrency space launch National Blockchain Technology Innovation Center shows governments commitment towards developing core technologies associated with this sector while at same time seeking find ways regulate these assets through taxation process .