- The centre in China has received approval from the Ministry of Science and Technology.
- The primary goals of the research center are on studying the technology.
China has announced the launch of a new research centre that will focus on blockchain technology, despite the country’s rocky history with cryptocurrencies. The National Blockchain Technology Innovation Centre in China has received approval from the Ministry of Science and Technology.
According to South China Morning Post, the primary goals of the research center are on studying the technology for industrial applications. And how it may be implemented in the national economy. The new facility will work in tandem with Chinese academic institutions, government labs, and private enterprises.
Furthermore, the Microchip Research Institute, a Beijing-based R&D organization, and the Edge Computing Research Institute will oversee the center’s operations.
Banking on Blockchain Tech
Even though China has reiterated its prohibition on cryptocurrency trading, which took effect in September 2021, this announcement comes as no surprise. Some of China’s greatest companies are making tremendous progress in developing blockchain-based products. Despite the country’s stringent prohibitions on private individuals.
In December of 2022, companies like Alibaba, one of the top technology companies in the world based on market capitalization, announced a partnership with Avalanche blockchain to enable node-as-a-service operations.
Moreover, it’s evident that the government smashed major Bitcoin mining giants and put a blanket ban on the sector. On the other hand, the nation’s opinion on the metaverse and NFTs were divided.
The Chinese government has also shown an interest in NFTs. China declared the release of the “China Digital Asset Trading Platform” in December 2022. Native blockchain technology is anticipated to power the state-backed digital collectibles marketplace.
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