China Blockchain Technology Center

The Chinese government will establish a national innovation center for blockchain technologies to explore their capabilities and broad integration. This is reported by the South China Morning Post.

According to the publication, the center will be based in Beijing and will unite local universities as well as blockchain-oriented analytics companies into a research network. The results of the work will be used in the further digitalization of the People’s Republic of China.

Earlier, Huang Yiping, a former member of the Monetary Policy Committee of the People’s Bank of China (PBOC), called blockchain technologies valuable for financial systems.
According to him, the country’s authorities should consider the long-term consequences of banning cryptocurrencies.

Back in September 2021, the NBK, in a joint statement with nine state agencies, attributed operations involving digital assets to illegal financial activities.

In February 2022, China tightened criminal liability for illegal fundraising in cryptocurrencies. At the same time, the Shanghai High Court recognized bitcoin as a virtual asset with economic value protected by law.
According to former BitMEX CEO Arthur Hayes, China intends to return to the digital asset industry via Hong Kong.