David - Cryptocurrency Enthusiast
Despite its ongoing crackdown on cryptocurrencies, China has launched the National Blockchain Technology Innovation Center in the capital city of Beijing. This state-supported institution aims to accelerate China's blockchain industry by creating a research network with local universities and businesses.
The Beijing Academy of Blockchain and Edge Computing oversees the new institution and is most famous for developing the Chang'an Chain or ChainMaker blockchain. Backed by an ecosystem of 50 state-owned corporations, the ChainMaker blockchain can execute 240 million transactions per second, a significant increase from 100,000 TPS in 2021.
China has been actively promoting itself as a "blockchain nation" in recent years, with the government claiming that 84% of all blockchain applications filed worldwide are from China. However, with a low approval rate of only 19%, the real numbers might not differ much.
The Chinese government is not only focused on blockchain research but also places high importance on the development of a central bank digital currency. Despite the widespread distribution of millions of dollars’ worth of e-CNY across the nation, the cumulative transaction value only surpassed 100 billion yuan by October 2022. This highlights the government's commitment to exploring and implementing cutting-edge financial technologies, with a particular emphasis on digital currencies. As the world moves towards a more digitalized economy, the development of a central bank digital currency could play a crucial role in shaping the future of finance in China.
People's Bank of China recently called for a reconsideration of the country's strict stance on cryptocurrencies. A former executive who has extensive experience in the financial sector, believes that a complete ban on cryptocurrencies could prevent the formal financial system from realizing its full potential, particularly in areas related to blockchain technology and tokenization. By revaluating these restrictions, the Chinese financial system could open itself up to new opportunities and advancements, as well as capitalize on the growing trend of digital currencies and their various applications. In short, a review of cryptocurrency restrictions could lead to a more innovative, dynamic, and inclusive financial landscape in China.
China's investment in blockchain technology and its pursuit of digital innovation demonstrate a clear commitment to driving the digital transformation of the nation and fostering growth in its blockchain sector. This move could create numerous opportunities for those interested in cryptocurrency investment. With the rise of digital currencies, it is becoming increasingly easier to buy crypto or buy cryptocurrency through various cryptocurrency exchanges. The growth of the crypto market has also given rise to a new form of investment, known as crypto asset management. This emerging sector provides an opportunity for individuals to manage their crypto assets, making it easier for them to invest in the crypto market with confidence. By embracing blockchain technology and encouraging digital innovation, China is positioning itself as a leader in the rapidly evolving world of finance and investment, providing ample opportunities for those looking to take advantage of the crypto market.