• China is launching a new research center in Beijing to explore core blockchain technologies.
• The Beijing Academy of Blockchain and Edge Computing (BABEC) will be leading the innovation center.
• The central bank has already rolled out e-yuan (e-CNY) for CBDC adoption across the country.
China Launches Research Center For Blockchain Innovation
China is taking another step forward into blockchain technology after its ban on cryptocurrency transactions in 2021. A recent report from China Daily noted that the country is about to launch a research center for blockchain innovation in Beijing called the National Blockchain Innovation Center.
Purpose Of The National Blockchain Innovation Center
The National Blockchain Innovation Center will work with local universities, blockchain experts, and firms to explore core blockchain technologies such as basic blockchain theory, key software, and hardware platforms and verification networks. The Beijing Academy of Blockchain and Edge Computing (BABEC) will take charge of the new research institution which currently executes 240 million transactions per second (TPS). In 2021, it processed 100,000 TPS.
China’s Push Into Digital Infrastructure
The Chinese government is pushing for digital infrastructure within the country by launching this innovation center which could play a vital role in supporting it’s growth. According to a September 2022 report from China Daily, the country accounted for 84% of all filed blockchain applications worldwide with 19% of those applications being approved.
CBDC Adoption Across The Country
As part of its push towards digital infrastructure, the Chinese Central Bank has rolled out e-yuan (e-CNY), worth millions of dollars across the country to promote CBDC adoption. This move shows how serious China is taking its CBDC development project as part of their overall blockchain strategy goals.
In conclusion, China is making significant progress towards developing its digital infrastructure by launching this National Blockchain Innovation Center which will work closely with local universities and experts on exploring core blockchain technologies such as basic platform and verification networks for CBDC development adoption across the country.