With Beijing’s Approval, a Blockchain with “Chinese Features” Discreetly Takes Off While Eschewing Cryptocurrencies
- The Cyberspace Administration of China (CAC) began publishing fresh lists of recent initiatives which sped up the certification process for new blockchain services.
- With blockchain initiatives covering legal, financial, agricultural, and intellectual property protection services, the agency has published 197 listings in the past three years.
- The nation has outlawed the trade of cryptocurrencies, which essentially forbids the selling of Non-FUNGIBLE Tokens (NFTs) on public blockchains like Ethereum.
China’s blockchain market is growing rapidly, with the number of services registered with the country’s internet regulator reaching 1,821 in 2022. The pace of certification for new blockchain services has increased significantly, with the CAC releasing new lists of recent ventures every two to four months.
Beijing is determined to create blockchain applications that support the nation’s technical and economic objectives while tightly controlling the more decentralized applications for which the technology is recognized. This resolve is demonstrated by the expedited release timetable.
This rapid growth is due to the increasing adoption of blockchain technology by businesses and individuals in China. The Chinese government has been supportive of blockchain technology, with President Xi Jinping calling for its accelerated development. The government has since released a number of policies and initiatives to promote the use of blockchain in various sectors.
This rapid growth is likely to continue in the coming years as more businesses and individuals adopt blockchain technology. With the support of the government and increasing investment, China is well-positioned to become a global leader in this transformative technology.
In three years, the agency has released a total of 197 lists detailing various blockchain projects from all around the world. These lists encompass a wide range of topics and services, including legal protection, financial management, agricultural development, and intellectual property rights.
Banks have been investigating alternative financial use cases for blockchain even while cryptocurrencies are prohibited. According to a list from 2019, China Zheshang Bank, for instance, has five services registered with the CAC. These include supply chain management, receivables management, and services for private financial transfers.
Barry Pene is a stern blockchain research/copywriter. Barry has been trading cryptos since 2017 and has been invested in issues that would put the blockchain industry on the right pedestal. Barry's research expertise cuts across blockchain as a disruptive technology, DeFis, NFTs, Web3, and reduction of energy consumption levels of cryptocurrency mining.
