Beijing plans to become the world’s blockchain hub

Beijing plans to become the world s blockchain hub

The local government of China’s capital Beijing published a 145-page report displaying its plans to become the world’s blockchain hub since 2022. The Blockchain Innovation Development Action Plan 2020-2022 aims to boost the blockchain technology and integrate it into city governance.

In consonance to the document, China’s officials expect the capital to turn into an influential blockchain innovation and development hub up to 2022 in order to “empower economic and social development”.

Currently, Beijing is one of a few local cities that have adopted blockchain technology. Although many of Beijing’s blockchain hub initiatives still are in the development stages, the city already deploys blockchain in 140 different use cases.

Beijing’s strategy for blockchain 

The plan specifies key strategies that include blockchain technology research, building and implementing the infrastructure and integration into the industries that include cross-border payments, real estate, supply chain financing and other sectors.

Reportedly, the government’s plan includes establishing a special blockchain industry investment fund to support blockchain projects and encourage them to go public for financing.

Moreover, Beijing also aims to establish the team of the world-class blockchain experts and talents to work towards creating “innovative leading companies with global influence, cultivating a group of unicorn companies and high-growth characteristic companies”, that will as well provide support for small and medium-sized innovative companies.

The government also plans to support public institutions and financial service providers to use blockchain technology for data verification and sharing. Besides, it will be working to promote blockchain hub integrations with the city’s infrastructure-building processes and public services, including medical care, transportation, electricity, real estate registration, and public credit services.

Digital yuan as world’s first state-backed digital currency

Beijing’s blockchain development plan is the biggest one released by the local officials and includes inter-city collaborations with other Chinese technical hubs like Shenzhen, Hainan, and Hangzhou.

The plan is supposed to be part of China’s major blockchain initiative, revealed a few months ago. The project called Blockchain Service network (BSN) aims to be the “internet of blockchains” and the world’s largest scale blockchain network. BSN recently integrated Chainlink’s oracle service into its ecosystem.

In terms of blockchain-based innovations, China is the leading country in the development of its Central Bank Digital Currency (CBDC). Digital yuan is currently the most advanced CBDC in terms of development and might be the world’s first state-backed digital currency ever launched.


Related News

Hot Stories

Uniswap price analysis: UNI/USD breaks above $9.01 as bullish trend intensifies
Announcing Hashstack’s switch to Starknet
Solana price analysis: SOL price spikes to $42.4 as bullish momentum intensifies
ChainLink price analysis: LINK rises to $8.4
Polkadot price analysis: Bulls reclaim $8.79 position after the latest upturn

Follow Us

Industry News

Elon Musk drags Twitter to court for fraud
Binance CEO Urges To Move Funds From WazirX To Binance
Bitcoin falls to $23K on U.S. jobs report
How are the top cryptocurrencies selected?
Voyager Digital set to refund users with a $270 million fund