China has identified 15 pilot zones and several areas of application that will allow them to apply blockchain technology in innovative ways, according to a joint statement by the two governments on Sunday.
According to statements on the official Wechat account of Cyberspace Administration, the pilot areas include areas in China’s major cities, Beijing and Shanghai, aswell as Guangzhou (in the southern Guangdong) and Chengdu (in the Sichuan provinces).
Apart from the pilot areas, 164 entities, including universities and hospitals, were selected to conduct pilot projects in blockchain. These included SAIC-GM-Wuling Automobile Co. and China National Offshore Oil Corp.
The entities will be involved in projects in areas such as manufacturing, energy and government services, law and education, trade and finance, cross-border finance, and health.
According to the statement, each area of cyberspace administration should… Give full attention to the role that blockchain can play in promoting data exchange, optimising business processes, reducing operating expenses, and improving collaboration efficiency in building an acceptable system.
In October 2019, China president Xi Jinping said the country should accelerate the development of blockchain technology as the core for innovation.
China is encouraging blockchain technology, but it has banned bitcoin.
September saw regulators crack down on cryptocurrency with a blanket ban for all crypto transactions and mining.
According to the cyberspace management statement, the statement was jointly issued and signed by 16 governmental entities, including the ministry for education, ministry industry and information technology, as well as the central bank and the National Energy Administration.