China opens blockchain research centre with plans to train 500,000 industry professionals
- The Chinese government continues to push blockchain development for industrial use, signalling a belief in the technology despite Beijing’s cryptocurrency ban
- Hong Kong’s recent push to become a Web3 hub have led some to see the city as China’s base for crypto activity, but experts warn such views are premature
The research centre, located in Beijing and approved by the Ministry of Science and Technology, will work with universities, research institutes and companies to train workers and support China’s digital economy, according to a report from state-run media outlet Xinhua.
The centre also aims to establish a national-level blockchain network that will connect existing blockchains in China and support other industries, according to the report.
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In January, the Beijing government put information from more than 80 government departments on Chang’an Chain to “effectively improve the security and order of government affairs and social data”.
The launch of the new centre is the latest development in the Chinese government’s plans to boost the industrial use of blockchain, which it has sought to separate from digital assets, its most popular use case.
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However, experts note that Beijing’s official stance on crypto has not changed, despite the developments in Hong Kong and the promotion of blockchain.
“I suggest people not to read much into the Hong Kong policy as it relates to the mainland,” said Zhou Chenggang, CEO and founder of CPIC Investment Management Hong Kong, a subsidiary of the government-backed mainland property insurer China Pacific Insurance (CPI). “So far, the policies remain separate, and there have been no signals of that changing.”
CPIC, which Zhou said operates independently of its parent, opened two blockchain and Web3-related funds targeting institutional and wealthy investors in April. However, those funds are not available to mainland investors and are not an indication that Chinese regulation is changing, he added.