Although the Chinese government has enforced partial crypto restrictions, they have placed a strong emphasis on blockchain technology in their state development policy. On December 29th, the CAICT released a groundbreaking document entitled “2022 Blockchain Whitepaper.” The paper provided insight into the fact that 1,400 blockchain companies have been established in mainland China alone.
This is remarkable because when combined with similar United States operations and market share of global blockchain enterprises – these two countries encompass more than half of the entire global market! According to the China Academy of Information and Communications Technology (CAICT), nearly fifty universities in China have created “blockchain engineering” degrees and certifications. In their report, they uncovered four types of blockchain technologies with great potential for application.
To begin, “settlement chains” can provide a visible understanding of telecom fees for companies including China Mobile and China Unicom. Secondly, Zhejiang Cold Chains allow consumers to confirm the origin of their food by scanning QR codes on products’ packaging. Finally, the Triple cross-border payments platform can assist purchasers and sellers in obtaining necessary due diligence data about those they transact with.
To ensure fair order practices across different exchanges, blockchain monitoring platforms are now available to assist regulators. Many of China’s leading tech companies including Tencent, Ant Financial, Huawei, and Alibaba have all founded respective “blockchain alliances” in recent years.
Crypto assets such as cryptocurrencies or NFTs can be legally owned within the country – with court protection included- while initial coin offerings (ICOs) along with digital exchange trading and cryptocurrency mining remain prohibited in China.
In October, the Chinese government announced that blockchain technology would be included in its official national agenda. On December 28th, officials declared a nationwide exchange for trading Non-Fungible Tokens (NFTs) and digital asset copyrights to launch on January 1st – showing the revolutionary power of this development despite any earlier struggles or setbacks. The State Council stated it will prioritize “cloud computing, blockchain, and AI” as means of enhancing data management and improving government services overall.