Blockchain Research Center Set, Soon to Unfurl in Beijing

China is trying to figure out more use cases of blockchain technology.
China banned cryptocurrency in 2021; Buy in promoting its CBDCs.

Blockchain technology became popular after introducing digital assets like Bitcoin and several others. According to a Chinese media outlet, the country plans to establish a blockchain research center in Beijing.

On February 8, 2023, the government of the densely populated nation China revealed it would be launching a National Blockchain Technology Innovation in the country’s capital.

China Morning Post highlights that the government of China is developing a national research center to test the capabilities of blockchain and to develop many more things in which blockchain can play an essential role.

It is important to note that cryptocurrency usage in China is banned. The country’s government banned crypto mining and trading long back in 2021.

The Ministry of Science and Technology approved the proposal to develop a research center for blockchain. The center is aimed to create a research network with local universities.

In addition to promoting the development of blockchain technology, the center is also expected to play a key role in developing standards and regulations for the industry.

As blockchain technology continues to grow and evolve, it is important to have a clear and consistent set of rules and guidelines to ensure that it is used responsibly and securely.

Introducing a blockchain research center and imposing taxes on crypto holdings could signal that China is working hard to frame appropriate regulations for the crypto industry.

Maybe in the coming times, China could develop some new concept or technology based on blockchain ledger technology. China is among the most innovative nations and ranked 11th among 132 countries.

China Morning Post quoted that Xi Jinping, president of China, believes blockchain would “play an essential role in the next round of technological innovation and industrial transformation.”

According to several reports and surveys, China is among the top 5 countries where cryptocurrencies are used the most. But China did not have any crypto ATMs in the country.

Although Hong Kong is a special administrative region of China, it has 145+ crypto Atms, of which 140 are in Hong Kong,3 in Mong Kok,2 in Yuen Long and 1 in Fanling.

Most recently, a Chinese technology journalist Colin Wu noted that “Chinese authorities had been conducting an investigation into the revenue of crypto whales to tax their income.”

Colin stated that an anonymous whale told him that “since the beginning of 2022, a local tax department has asked for an audit of its personal income tax. There are many people and a detailed list of the whales that have been inspected.”

The TRON founder wrote, “China has taken a big step towards cryptocurrency regulation with the implementation of a tax on crypto transactions,” he added, “This signals the country’s increasing embrace of cryptocurrencies.”

Trading and mining crypto is not all about blockchain; it can be explored further and may be used for much betterment in several other industries. Likewise, in the health sector, keeping records of patients’ reports and medication can be easily traced with the help of the introduction of blockchain in the health industry.