China approves the construction of a blockchain research center in Beijing
Chinese authorities are still interested in the technology behind cryptocurrencies.
The Chinese Ministry of Science and Technology recently decided to approve the construction of the National Blockchain Technology Innovation Center. The aim of this institute is to study the possibility of using blockchain technology for industrial applications as well as for issues related to the national economy. It will cooperate with national universities as well as other research institutions and enterprises.
China approves the construction of a Blockchain research center
The Ministry of Science and Technology of China has approved the construction of the National Blockchain Technology Innovation Center. Its key goals focus on researching technologies for industrial and economic applications.
According to information provided by state media, this entity will cooperate with Chinese universities as well as enterprises and research institutions. This center is to be managed by research and development institutions - Microchip Research Institute and Edge Computing Research Institute.
Negative attitude towards cryptocurrencies
Despite favorable attitude towards Blockchain, China is not enthusiastic about digital currencies. In September 2021, the country banned cryptocurrency trading in its territory. It is worth noting that China has also banned cryptocurrency mining.
While the blockchain industry in China has been severely curtailed by the Chinese government, some of China's largest companies are still getting involved and making progress in building products using this technology.
The Chinese government is also looking at non-fungible tokens (NFTs) with great interest. For example, in December last year, the Chinese authorities launched their own platform for trading digital collectibles - China Digital Asset Trading Platform.