China, cryptocurrency and blockchain technologies compared to other countries was actually one step ahead. New news from China shows that 15 pilot regions, 164 entities have been established for blockchain projects.
According to the Chinese government, blockchain-applicable projects will be carried out in allied areas. Topics such as production, energy, government and tax services, law, education, health, trade, finance and cross-border finance come to the fore.
The number of 16 Chinese institutions to facilitate innovative applications of blockchain technology “national blockchain pilot regions” list. The 16 Chinese government bodies include the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory commission.
They Want to Enjoy the Benefits of Blockchain Technology
Projects are envisioned to be realized in 15 pilot areas, including areas in Beijing and Shanghai, and areas in Guangzhou and Chengdu in the southern Guangdong and Sichuan provinces, respectively. The list also includes hospitals, universities, and companies selected for blockchain pilot projects. In addition, SAIC-GM-Wuling Automobile Co., China National Offshore Oil Corp., Beijing Gas Group Co. and many famous names such as Industrial and Commercial Bank of China Ltd are also included in the list to run the projects.
Regulators are also focused on the need for collaborative progress, adding that all regions should support pilot construction work together. Blockchain technology is planned to be used as an advantage in promoting data sharing, optimizing business processes, reducing operating costs, increasing collaboration efficiency and creating a reliable system.
Digital Yuan Will Become Reality
China also digital yuan or accelerating its plan to introduce its CBDC. The PBOC announced that the central bank digital currency has 261 million users. The bank also added to its report that approximately $14 billion worth of transactions were made using the digital yuan. In addition, over 8 million merchants now accept e-CNY.