China places a focus on blockchain to help the local economy.
As the Microchip Research Institute heads a new organization focused at expanding the nation’s financial network, Beijing, the capital of China, is poised to become the hub of blockchain innovation. The institute will collaborate with academic institutions and research facilities to examine the applications of blockchain technology and how they may help the local economy.
Construction of the National Scientific Force and Technology Advancement
The new organization’s objectives go beyond simply implementing blockchain; they also involve recruiting industry experts and enhancing locals’ technology skills. President Xi Jinping has endorsed the technology and acknowledged the need to take use of the benefits it presents.
Different Cryptocurrency Approach
To safeguard local investors and reduce financial crime, the Chinese government has adopted a different approach to cryptocurrencies and plans to outlaw Bitcoin and other alternative coin activities in 2021.
CBDC is Increasing
The Chinese government has been aggressively investigating the creation of its central bank’s digital currency in addition to blockchain (CBDC). The government provided citizens of four cities with about $26 million worth of e-CNY during the Spring Festival, enabling them to make purchases using the money.
e-CNY is surrounded by controversy.
Sens. from the US have expressed worry regarding espionage in response to the success of e-CNY. In response, the Chinese Foreign Ministry urged the MPs to hold off on making statements on things they don’t fully comprehend. Despite the issue, there were allegedly more than $300,000 in daily digital yuan transactions during the Olympic Games.