China’s national blockchain research center, which began operation on Wednesday, plans to train at least 500,000 blockchain professionals for China’s Web 3.0 industry. It will work with universities, research institutions and enterprises in conducting the training to support the country’s digital economy. 

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Fast facts

  • The national blockchain research center in Beijing, which is backed by the Ministry of Science and Technology, will conduct research and industrialization of blockchain technology. It also aims to establish a national-level blockchain network that will connect existing blockchains in China and support other industries.
  • Current blockchains in China remain isolated from one another, which slows the digital economy, said Zheng Zhiming, an academic at the Chinese Academy of Sciences, in a Xinhua report, adding that a unified blockchain ecosystem that covers a broader space will be required.
  • The center is led by the Beijing Academy of Blockchain and Edge Computing, a research institution backed by the Beijing government and one of the developers of Chang’an Chain – China’s first domestically developed open-source blockchain platform.
  • Despite China’s ban on cryptocurrency trading, the nation continues to see blockchain technology as a tool for industries and government administration. The State Council, in its 14th five-year plan issued in December 2021, identified the blockchain as one of the seven major areas of development for China’s digital economy. 
  • In February, the government of Beijing launched the 2.0 version of its data directory based on the Chang’an Chain, collecting information from over 80 government departments in the capital city on chain. 
  • Over in Hong Kong, the city established the Institute of Web 3.0 in April to focus on the digitalization of traditional industries and the virtual asset economy that includes cryptocurrencies and non-fungible tokens.

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