China Designates 15 National Pilot Zones and 164 Entities for Blockchain Projects – Regulation Bitcoin News


The Chinese language authorities has established 15 pilot zones and 164 entities for blockchain tasks. “Tasks will likely be carried out in numerous fields similar to manufacturing, vitality, authorities and tax companies, regulation, training, well being, commerce and finance, and cross border finance.”

China Establishes Blockchain Testing Zones

Sixteen Chinese language governmental our bodies collectively introduced Sunday a listing of nationwide blockchain pilot zones “with the intention to additional perform the revolutionary utility of blockchain” expertise.

The 16 governmental our bodies embrace the Folks’s Financial institution of China (PBOC), the China Banking and Insurance coverage Regulatory Fee, and the China Securities Regulatory Fee.

The listing 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 were chosen for blockchain pilot tasks. Among the many firms chosen are SAIC-GM-Wuling Vehicle Co., China Nationwide Offshore Oil Corp, Beijing Fuel Group Co., and Industrial and Business Financial institution of China Ltd.

Tasks will likely be carried out in numerous fields similar to manufacturing, vitality, authorities and tax companies, regulation, training, well being, commerce and finance, and cross-border finance, the announcement particulars.

The regulators emphasised “the necessity to give attention to collaborative development.” They added that supervisory our bodies “in all areas ought to give attention to selling the pilot development work collectively, and provides full play to the function of blockchain in selling information sharing, optimizing enterprise processes, lowering 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 Our on-line world Administration of China, nationwide trade supervisory authorities, and provincial trade supervisory authorities will arrange related items and specialists to supply steerage on the planning and development of the pilot, coaching exchanges, and standardization development.

In the meantime, China’s central financial institution has been testing the digital yuan. In January, the PBOC revealed that its central financial institution digital forex (CBDC) has 261 million distinctive customers. As well as, transactions price nearly $14 billion have been made utilizing the digital yuan and greater than 8 million retailers now settle for e-CNY.

What do you consider China designating blockchain pilot zones? Tell us within the feedback part under.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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