By Shelly Melancon (Switzerland)
The People’s Republic of China is in the news again, but it isn’t about any crypto-related prohibition this time. The country has announced fifteen testing sites for conducting blockchain technology. Reports from the Southeast Asian nation disclose that the testing zones will run several blockchain projects for various sectors, including health, energy, education, commerce, cross-border payments, etc.
The Cyberspace administration announced via its social media handle that the entities include the capital Beijing, Chengdu, and Shanghai. The news is coming when the country is still test-running its digitized currency, eYuan, in preparation for the upcoming Winter Olympics.
Exploring the Role of Blockchain in Accelerating Growth and Development
Blockchain emerged in 2008, and since then, it has grown to become one of the most critical technologies of the millennium. While facilitating transactions and disrupting the traditional financial space is its popular use case, blockchain can play a prominent role in the information industry.
Many agree that blockchain is evolving, given its expanding use cases. For example, minting of NFTs wasn’t possible until 2014, while others like anti-money laundering tracking, gaming, insurance, and logistics motoring became later real-world applications.
However, many people still think that blockchain is still at its incipiency, despite the varying use cases. This has led to several countries exploring the benefits of the technology. According to the Cyberspace Admin., China’s latest move is to embrace blockchain technology and understand its role in making business processes efficient, information sharing, tax collection, etc.
China has been pushing towards adopting blockchain since 2019 when President Xi Jinping called for a technology boost in the country. The president aims to use technology as the bedrock for innovation. However, permitting the use of cryptocurrencies based on blockchain is out of their considerations.
China Continues its Push for e-CNY Adoption
China is still pushing for the adoption of its digital Yuan. The country, which became the first to develop its CBDC, considers Macau as its new test location. The apparent reason is that the site is opening its doors to casino owners to obtain new licenses.
The country will be leveraging casino registration to boost the use of the digital Yuan. News outlet Reuters explains that the government is considering appointing agents to monitor casino operations.
China has made it clear that crypto transactions are totally prohibited. The blanket ban was announced last September in a bid to reduce energy consumption, protect investors, and boost the use of its digitized currency. In May, it also prohibited crypto mining, leading to the mass exodus of miners to Europe and North America.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.