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China Will Open a Blockchain Technology Center in Beijing

China Will Open a Blockchain Technology Center in Beijing

The Chinese government plans to establish a National Blockchain Technology Innovation Center in Beijing to explore its capabilities and broad integration.

According to South China Morning Post, the center will be based in Beijing and will bring together local universities, as well as blockchain-focused analytical companies, into a research network. The results of the work are allegedly planned to be used in the further digitalization of the PRC.

A former member of the monetary policy committee of the People’s Bank of China (PBOC) has previously said that blockchain technologies are valuable for financial systems. According to him, the country’s authorities should take into account the long-term consequences of the cryptocurrency ban.