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China conducts countrywide blockchain evolution tests using real-world cases

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Production, power, government data sharing and services, law administration, taxation, criminal trials, investigation, and cross-border banking are some of the major sectors of blockchain development.

The Cyberspace Administration of China (CAC) revealed the launch of an internal attempt to accelerate blockchain advancement and innovation over 15 regions and 164 organizations.

The effort intends to integrate blockchain technology on a huge scale in China's enterprises and government entities.

The CAC, together with other government organizations, issued orders to 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 statement also involved a list of cities, companies, and other organizations that will be actively engaged in the blockchain experiments based on regional and departmental suggestions.

The main factors of blockchain innovation involve production, energy, govt data sharing and services, law regulation, taxation, criminal trials, investigation, trademark, civil affairs, human culture, education, healthcare, trade finance, risk control management, stock market and cross-border funding.

The directive also indicates the significance of regulatory departments cooperating in the development and promotion of pilot initiatives “and give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency, and building a trusted system.”

Through its strong resistance to crypto adoption, China's government is still interested in associated areas such as blockchain and non-fungible tokens (NFT).

The Blockchain-based Service Network (BSN), a Chinese government-backed blockchain venture, was reported recently to be operating on infrastructure to help firms and people develop NFT-focused platforms and apps.

The project seeks to assist the establishment of platforms able to trade non-crypto NFTs using fiat currency, as reported earlier.

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