The National Blockchain Technology Innovation Center will be located in Beijing and will aim to provide financial benefits for locals.
The Chinese Ministry of Science and Technology reportedly approved the launch of the National Blockchain Technology Innovation Center.
It will be based in the capital Beijing and will focus on use cases that could boost the local economy., the newly-formed entity will try to advance the financial network of the most populous country by implementing the use cases of blockchain technology. The center, led by Microchip Research Institute, will also collaborate with domestic universities and research institutes to dive deeper into the industry.
Gathering talents in the blockchain sector, building a national scientific force, and increasing the technological capabilities of locals are also on the agenda. Contrary to cryptocurrencies, the People’s Republic of China is open to exploring the merits of blockchain. President Xi Jinping is also a proponent,
in 2019 that the nation needs to “seize the opportunities” presented by the technology. He also described it as an “important breakthrough in independent innovation of core technologies.”
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