Cyberspace Administration of China Will Speed Up Blockchain Development Across Nations

The new innovation will take place across 164 entities and 15 zones. To make sure the plan will be successful, there are some factors that need to be considered while developing a blockchain - energy, government data sharing, manufacturing, taxation, criminal trials, law enforcement, and cross-border finance.

The Chinese government shows interest in NFTs and blockchain technology, even though they have a strong perspective against crypto adoption.

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Moreover, the goal is to implement blockchain technology in government organizations and businesses in China. The list of companies and cities that will be involved in the blockchain pilots, can be found on the notice. The list is established by the departmental and local recommendations.

According to the notice, the CAC (Cyberspace Administration of China) controlled the regulatory authorities to:

Promote the intensive and balanced layout of blockchain technology infrastructure in the region, form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology.

The notice also talks about the demand for advancement and promotion coordination of the projects. They wish to enable the role of blockchain in optimizing business processes, promoting data sharing, operating costs, and most of all, building a dependent system.

The BSN project is focusing on the distribution of platforms that are trading non-crypto NFTs using fiat currency.

To be exact, a government-backed blockchain project in China - a blockchain-based service network was trying to make sure the infrastructure supports businesses and individuals in creating and developing NFT platforms and apps.

China, unlike other nations, has its own viewpoints on the global blockchain landscape - it embraces blockchain technology while opposing unlawful financial operations such as coin-offering fundraising and trading or "virtual currencies."

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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