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In the middle of 2021, the Chinese government, as it has done many times before, banned cryptocurrencies. This led to a significant downturn. Now, the Asian giant, through Hong Kong, is embracing cryptocurrencies once again while also taking important steps in the field of blockchain technology. Bitcoin and its accompanying blockchain technology, which were initially disregarded, have now become an innovation area that governments are pursuing.
China’s Blockchain Move
China’s government in the city of Shanghai has released an implementation plan to promote the development of urban blockchain digital infrastructure between 2023 and 2025, according to an update on the government’s website.
The update states that the plans are formulated to serve the “strategic goal” of Shanghai’s urban digital transformation and strengthen the application of blockchain in the economy, public services, and urban governance. The report highlights that there have been advancements in the core technology and standard system construction of blockchain, leading to the formation of a strong innovation ecosystem and nurturing a group of leading industry influencers and innovative companies with industrial impact.
International Blockchain Center
According to today’s announcement, an international blockchain center will be established to assist in the coordination of blockchain network resources in China’s Yangtze River Delta region. China is currently preparing various cities nationwide to embrace and implement new technologies. In May, the city of Nanjing, the capital of Jiangsu province in eastern China, introduced the China Metaverse Technology and Application Innovation Platform as an effort to advance the country’s metaverse research and development nationwide.
During the same period, the city of Zhengzhou in China also announced a series of proposals to support the activities of metaverse companies in the region. In addition to the interest in blockchain and metaverse, digital yuan has been actively used in the country for the past two years. While China banned cryptocurrencies, it did its best to take full advantage of the innovation they brought.
Lastly, with the permission of the central government of China, Hong Kong has announced several facilitations for cryptocurrency companies. Licensed crypto exchanges in the region will also have the authority to serve individual investors. With a maximum investor potential of over $500 billion, the region has become a pilot area for China’s entry into the crypto world.
