Cryptocurrency bans from the Chinese government are incessant. Finally, the central bank’s directive banning everything related to cryptocurrencies fell like a bomb on the agenda.
China has previously imposed a series of bans due to the high energy consumption of crypto mining. According to the Chinese government, crypto mining bans reduce carbon emissions.
The city of Huzhou, located in eastern China’s Zhejiang region, announced the launch of a project to monitor and record carbon emissions records.
At the conference held on the occasion of the first anniversary of the “Dual Carbon Target” project in the city, a blockchain-based carbon storage traceability service was introduced.
China aims to achieve its carbon neutrality goal, which it expects to achieve in 2060, with its new blockchain-based project.
As a result of the blockchain service impressions, it will generate reports containing reliable data on carbon emission reduction. Accounting organizations, governments and individuals will have access to this reliable data.
The National Carbon Emissions Exchange, which has two centers in the Chinese cities of Wuhan and Shanghai, was established in the past months. Blockchain technology, which has now been launched in the city of Huzhou, could be an important step towards China’s carbon neutrality goal.