This Nation Banned All Crypto Activity Last Year, Wants To Become A Hub Of Blockchain Technology Today
China known as the manufacturing hub of the world is now planning to start pilot projects for blockchain development and wants to become the hub of blockchain technology.
The nation with a totalitarian regime was once the hub of crypto mining and accounted for a major portion of world BTC mining. However, in July 2021, the nation banned all crypto mining activities and also trade in cryptocurrencies. The action had led to BTC miners shifting their activities to other destinations in Central Asia. Today the nation was producing up approx. 28.7% of global manufacturing output and today the nation wants to accrue the benefits of the technology which runs the Crypto Currency-Blockchain.
China’s Plan For Blockchain Adoption
Thy CAC which is an acronym for Cyberspace Administration of China is the Central Internet regulator and control agency in the nation. The CAC has unveiled pilot projects which seek to spread the adoption and development of Blockchain over its 15 zones and 164 different departments. The small experiment could become the precursor to large-scale blockchain technology implementation in various Government organizations and businesses in China.
Zones Chosen For Blockchain Pilot Program
The 15 zones where blockchain technology will serve as a beacon include cross-border finance, equity market, police, criminal investigation, enforcing copyrights, healthcare and education, data sharing, and manufacturing.
Roadmap For Blockchain Adoption
The nation wants to become the hub of Blockchain technology. CAC is not only promoting the blockchain technology infrastructure with the Government agencies but also promoting the technology in the interiors of the nation. CAC also intends to envisage large-scale capability of data exchange support among different chains as well as multi-party collaborative blockchain industry formation.