The Chinese government will establish a National Blockchain Technology Innovation Center to explore its capabilities and broad integration. Writes about it South China Morning Post.
According to the publication, the center will be based in Beijing and will bring together local universities, as well as blockchain-focused analytical companies, into a research network. The results of the work are allegedly planned to be used in the further digitalization of the PRC.
Previously, Huang Yiping, a former member of the monetary policy committee of the People’s Bank of China (PBOC), called blockchain technologies valuable for financial systems. In his opinion, the country’s authorities should take into account the long-term consequences of the cryptocurrency ban.
Recall that in September 2021, the NBK, in a joint statement with nine state departments, classified operations with digital assets as illegal financial activities.
In February 2022, China tightened criminal liability for illegally raising funds in cryptocurrencies. At the same time, the Shanghai High Court recognized bitcoin as a virtual asset with legally protected economic value.
According to former BitMEX CEO Arthur Hayes, China intends to return to the digital asset industry through Hong Kong.
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