China approves blockchain research centre in Beijing, aiming to make breakthroughs while maintaining cryptocurrency ban
- The Ministry of Science and Technology has approved the establishment of the National Blockchain Technology Innovation Centre
- The centre will develop software, hardware and fundamental theory, with a focus on use cases that benefit the national economy
The Ministry of Science and Technology recently approved the establishment of the National Blockchain Technology Innovation Centre, which will be based in Beijing, according to the government-run newspaper Beijing Daily.
The centre will focus on areas of blockchain regarding fundamental theory, software and hardware, with the aim of developing related key technologies and industrial applications, the newspaper reported on Wednesday.
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The new centre will also focus on major use cases related to the national economy and personal livelihoods, making blockchain an important foundation for China’s new digital infrastructure, Beijing Daily said, offering scant details.
Over the past several years, China has offered greater support to blockchain development while also intensifying a crackdown on cryptocurrencies, which the government regards as a threat to financial stability. In 2021, the government clarified that all cryptocurrency trading was illegal in China.
China’s new blockchain innovation centre will be led by the Beijing Academy of Blockchain and Edge Computing, which is backed by the Beijing municipal government.