Shanghai Cooperation Organization Bolsters Blockchain with 2035 Strategy

On September 3, the SCO, led by Chinese President Xi Jinping, announced plans to enhance cooperation in technological innovation, focusing on blockchain and digital economy advancements.

The initiative aims to foster cross-border digital collaboration, potentially impacting blockchain technologies and related financial sectors, though current market reactions remain muted.

SCO’s Tianjin Declaration Targets Blockchain Innovations

The Tianjin Declaration, issued by SCO heads of state, targets technological cooperation enhancements in areas like blockchain. This strategy, endorsed during a summit led by President Xi Jinping, aims to solidify joint digital infrastructure within the region. Advocating cross-border data integration, leaders call for international digital market standards. Immediate impacts include increased expectations for collaborative digital innovations among SCO nations. The declaration could also stimulate future blockchain ventures in member states’ institutional practices. Public reactions remain cautious, yet sector experts see this initiative as a potential boon for Eurasian tech-driven collaborations.

According to CoinMarketCap, Ethereum (ETH) currently trades at $4,324.57 with a market capitalization of $521.99 billion, accounting for 13.67% market dominance. Reporting a 24-hour trading volume of $38.00 billion, ETH’s price changed by -1.35% in the last day, but shows a 71.80% increase over 60 days. As of this writing, Ethereum’s upswing demonstrates a proactive market stance despite recent fluctuations.

Xi Jinping, President of China, “We have brought about groundbreaking and historic achievements in SCO development and cooperation… Industrial investment cooperation has been actively advanced, providing robust driving forces for development and prosperity across the region. China’s cumulative trade with other SCO countries has surpassed US$2.3 trillion.”

Market Insights and Future Prospects

Did you know? The SCO was founded in 2001 and has since evolved into a significant regional organization focused on security and economic cooperation.

The Coincu research team suggests that the SCO’s focus on blockchain could lead to increased capital influx in related tech industries. Aligning with decentralized finance trends, the initiative may encourage regulatory alignments fostering cross-border digital exchanges. With blockchain as a strategic priority, regional financial ecosystems could expand significantly in scope and impact.

Experts believe that the collaborative efforts initiated by the SCO could pave the way for innovative blockchain applications, enhancing the overall economic landscape of the member countries.