China Designates 15 National Pilot Zones and 164 Entities for Blockchain Projects

The Chinese authorities has established 15 pilot zones and 164 entities for blockchain tasks. “Projects can be carried out in numerous fields comparable to manufacturing, vitality, authorities and tax providers, legislation, training, well being, commerce and finance, and cross border finance.”

China Establishes Blockchain Testing Zones

Sixteen Chinese governmental our bodies collectively introduced Sunday a listing of nationwide blockchain pilot zones “so as to additional perform the modern utility of blockchain” know-how.

The 16 governmental our bodies embrace the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission.

The checklist has 15 pilot zones, together with areas in Beijing and Shanghai, in addition to Guangzhou and Chengdu within the southern Guangdong and Sichuan provinces respectively. It additionally names 164 entities, together with hospitals, universities, and firms which have been chosen for blockchain pilot tasks. Among the businesses chosen are SAIC-GM-Wuling Automobile Co., China National Offshore Oil Corp, Beijing Gas Group Co., and Industrial and Commercial Bank of China Ltd.

Projects can be carried out in numerous fields comparable to manufacturing, vitality, authorities and tax providers, legislation, training, well being, commerce and finance, and cross-border finance, the announcement particulars.

The regulators emphasised “the necessity to concentrate on collaborative development.” They added that supervisory our bodies “in all areas ought to concentrate on selling the pilot building work collectively, and provides full play to the position of blockchain in selling information sharing, optimizing enterprise processes, decreasing working prices, enhancing collaboration effectivity, and constructing a reputable system.”

The announcement additionally requires that every one pilot areas “give precedence to adopting blockchain software program and {hardware} applied sciences and merchandise which might be interoperable and able to sustainable improvement.”

The Cyberspace Administration of China, nationwide business supervisory authorities, and provincial business supervisory authorities will set up related models and consultants to supply steerage on the planning and building of the pilot, coaching exchanges, and standardization building.

Meanwhile, China’s central financial institution has been testing the digital yuan. In January, the PBOC revealed that its central financial institution digital foreign money (CBDC) has 261 million distinctive customers. In addition, transactions value virtually $14 billion have been made utilizing the digital yuan and greater than 8 million retailers now settle for e-CNY.

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