• China has launched a state-supported blockchain research center in Beijing.
• The goal of the center is to promote the integration of technology into daily life through research and development efforts.
• Despite the Chinese government’s ongoing crackdown on cryptocurrencies, the launch of the National Blockchain Technology Innovation Center reflects its enthusiasm for blockchain technology.
China Launches Beijing Blockchain Research Center
China has recently launched a state-supported blockchain research center in Beijing with the goal of promoting the integration of technology into daily life through focused research and development efforts. The new institution will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC).
Research Network
The National Blockchain Technology Innovation Center plans to develop a research network with local universities, think tanks, and blockchain companies in order to explore and develop core blockchain technologies. The findings will be utilized to further digitalize China and grow its blockchain industry.
Cryptocurrency Regulations Tighten
Despite the Chinese government’s ongoing crackdown on cryptocurrencies, the launch of this new institution reflects its enthusiasm for blockchain technology. It was first mentioned in China’s five-year policy plan in 2021 as playing a key role in the country’s digital economy. China is also prioritizing development of a central bank digital currency, which millions have been distributed nationwide to boost adoption.
Taxes Levied On Digital Asset Transactions
On Jan 30th Justin Sun announced that China is taking significant steps to regulate cryptocurrencies through taxes levied on digital asset transactions. This signals that Chinese government views cryptocurrencies as legitimate form wealth and hence seeks to tax them accordingly .
Conclusion
The launch of this National Blockchain Technology Innovation Center demonstrates how despite Chinese governments continuing crackdown on cryptocurrency , it still remains enthusiastic about potential use cases for blockchains . This institute hopes to accelerate digitalization initiatives within china while expanding its understanding & usage of core technologies related to blockchain .