BEIJING: China has selected 15 pilot zones and identified several application areas to carry out the “innovative application of blockchain” technology, according to a joint government statement on Sunday.
The pilot zones include areas in the major Chinese cities of Beijing and Shanghai, as well as Guangzhou and Chengdu in the southern provinces of Guangdong and Sichuan respectively, according to a statement on the Cyberspace Administration’s official Wechat social media account.
Apart from the pilot zones, 164 entities including hospitals, universities and companies such as SAIC-GM-Wuling Automobile Co, China National Offshore Oil Corp, Beijing Gas Group Co. and Industrial and Commercial Bank of China Ltd selected to run blockchain. pilot projects.
The entities will implement the projects in areas such as manufacturing, energy, government and tax administration, law, education, health, trade and finance, and cross-border financing.
“The cyberspace administration of every field and the relevant industry regulator must … play the full role of blockchain in promoting data sharing, optimizing business processes, lowering operating costs and improving the collaborative efficiency in building a credible system,” the statement said.
In October 2019, Chinese President Xi Jinping said the country needs to accelerate the development of blockchain technology as a core for innovation.
While China promotes blockchain technology, it has banned bitcoin, which is based on the technology. Regulators cracked down on cryptocurrencies in September with a blanket ban on all crypto transactions and mining.
The statement was jointly issued by 16 government agencies, including the Ministry of Education, the Ministry of Industry and Information Technology, the Central Bank, the National Energy Administration and the China Securities Regulatory Commission, according to the cyberspace administration’s statement.
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