China To Begin Implementing Blockchain Technology in 16 Departments

Aaryamann Shrivastava
Updated: Jan 31, 2022, 08:58 GMT+00:00

As per the circular this is being done as it is necessary to strengthen organizational leadership and to pay attention to coordinated advancement.

China To Begin Implementing Blockchain Technology in 16 Departments

In the wake of the ongoing series of countries jumping into and out of the crypto and blockchain space, it’s not surprising that China is the newest entry. The office of the Central Cyberspace and Affairs Commission put forth a circular yesterday in which they announced their plans for blockchain in China.

China Says Yes to Blockchain

According to the notice, about 16 departments have announced a list of pilots of national blockchain innovation and application. Including the departments is the Central Cyberspace and Affairs Commission as well.

Through this program, these sixteen departments will concurrently run 15 comprehensive and 164 national pilots which will be reflecting upon 164 different fields important per the local and departmental recommendations.

The circular further stated,

“Provincial cyberspace offices and industry supervisory departments in all regions should attach great importance to the pilot work of national blockchain innovation and application, and strengthen the organization and coordination, policy and financial support, work guidance, and implementation of the pilot work in the region.“

With this program, each selected region (pilot unit) will be undertaking the responsibility of the pilot work as well as establishing a powerful and efficient leadership mechanism for the program.

Additionally, they are required to optimize business processes, reduce operating costs, improve collaborative efficiency as well as build a trusted system.

The circular also directed,

“Pilot units (regions) should be deployed in accordance with the “notice on organizing the declaration of blockchain innovation and application pilots”, according to the work requirements of the national industry supervisory departments in various fields, combined with local realities, scientifically prepare the task book, and submit it to the central cyberspace administration and the national industry supervision department for review and approval”

In case any of the assigned regions fail to operate and/or conduct procedures as per the established rules and regulations, or fails to promote the program properly their pilot qualification will be terminated.

China’s CBDC

While the adoption of cryptocurrencies, in particular, is a never happening thought, the country’s very own digital currency certainly is observing quick adoption.

With over 10 million merchants supporting the digital yuan for payments the country has conducted about $13 billion worth of transactions with the CBDC.

Expect these figures to only rise further since native cryptos won’t be showing their faces owing to the ban despite Asia’s richest man and CEO of Binance, CZ hailing from China itself.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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