China is taking a step towards embracing blockchain technology with the creation of the National Blockchain Technology Innovation Center in Beijing.
iexclusivenews reports that China has been at the forefront of blockchain technology and crypto development since the beginning.
The government pushing for the exploration of new ideas and technologies that could bring the country to the next level of digitalization.
Recently, a National Blockchain Technology Innovation Center has been launched in Beijing to research core blockchain technologies and their applications for digitalization and industry.
The Center is led by the Beijing Academy of Blockchain and Edge Computing (BABEC).
Which is most famous for its development of the ChainMaker blockchain.
With the ChainMaker, China has achieved up to 240 million transactions per second (TPS). Which is a huge increase from the 100,000 TPS which was achieved in 2021.
China has also been actively marketing itself as a blockchain nation. Filing the most amount of blockchain applications worldwide with 84% of the total amount.
Unfortunately, the approval rate is relatively low, with only 19% of applications passing.
Nonetheless, China’s central bank digital currency (CBDC) has made significant progress since its launch. With the total e-CNY transactions crossing 100 billion yuan ($14 billion) in October 2022.
What You Need To Know
It’s clear that China is continuing to invest heavily in blockchain technology, and there are sure to be exciting new developments shortly.
The Chinese government has been very strict in its stance on cryptocurrencies, going as far as to issue a blanket ban on crypto trading.
But the former executive of the People’s Bank of China (PBoC) argued that such a ban could hurt the country’s growth and technological development.
As it would miss out on opportunities related to blockchain and tokenization.
The need for a regulatory framework has become even more pressing as digital assets move from the fringes of the economy to the mainstream.
In November 2021, with bitcoin prices reaching $60,000, the total value of all cryptocurrencies surpassed $3 trillion.
This has led to a race to regulate, with some jurisdictions imposing outright bans and others attempting to clarify rules and provide guidance for the industry.
However, iexclusivenews reports it is an ongoing challenge due to the ambiguous nature of digital assets and the lack of standardized definitions.
International coordination and engagement with the industry are needed to ensure the regulations are not overly restrictive and do not stifle innovation.
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