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Friday, February 4, 2022

China Designates 15 National Pilot Zones and 164 Entities for Blockchain Projects

 China Designates 15 National Pilot Zones and 164 Entities for Blockchain Projects

Sixteen Chinese governmental bodies jointly announced Sunday a list of national blockchain pilot zones “in order to further carry out the innovative application of blockchain” technology.

The 16 governmental bodies include the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission. 

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The list has 15 pilot zones, including areas in Beijing and Shanghai, as well as Guangzhou and Chengdu in the southern Guangdong and Sichuan provinces respectively. It also names 164 entities, including hospitals, universities, and companies that have been selected for blockchain pilot projects. Among the companies chosen are SAIC-GM-Wuling Automobile Co., China National Offshore Oil Corp, Beijing Gas Group Co., and Industrial and Commercial Bank of China Ltd.

Projects will be carried out in various fields such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross-border finance, the announcement details.

The regulators emphasized “the need to focus on collaborative advancement.” They added that supervisory bodies “in all regions should focus on promoting the pilot construction work together, and give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaboration efficiency, and building a credible system.”

The announcement also requires that all pilot regions “give priority to adopting blockchain software and hardware technologies and products that are interoperable and capable of sustainable development.”

The Cyberspace Administration of China, national industry supervisory authorities, and provincial industry supervisory authorities will organize relevant units and experts to provide guidance on the planning and construction of the pilot, training exchanges, and standardization construction.

Meanwhile, China’s central bank has been testing the digital yuan. In January, the PBOC revealed that its central bank digital currency (CBDC) has 261 million unique users. In addition, transactions worth almost $14 billion have been made using the digital yuan and more than 8 million merchants now accept e-CNY.

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