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China established 15 pilot zones and 164 entities for blockchain projects

China established 15 pilot zones and 164 entities for blockchain projects

Blockchain technology projects will be implemented in such areas as manufacturing, energy, education, health care, trade, finance, government, and tax services. 

Why is it so important?

  • The government is looking for the most acceptable ways to use blockchain technology, which other countries could also adopt in the future.

According to Bitcoin.com, China will create 15 pilot zones including urban areas in Beijing, Shanghai, Guangzhou and Chengdu, Guangdong and Sichuan provinces. The selected entities will include hospitals, universities, and private companies. 

As the government notes, the focus would be on the joint promotion of technology between different organizations. To this end, special supervisory bodies will be created to supervise and suggest their recommendations for improvement. 

It is worth noting that China has been actively developing blockchain technology and its own digital currency, DCEP. However, this does not prevent it from imposing bans and fines on miners and crypto investors. One of the most notorious bans occurred in June 2021, when many Chinese miners had to leave the country under threat of imprisonment or heavy fines. Up to that point, China had been the leader in cryptocurrency mining.

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