China to Open a New Research Center in Beijing To Use Blockchain Technology

Key Points: The Ministry of Science and Technology approved the creation of the National Blockchain Technology Innovation Center in China.
The center will focus on important use cases that are connected to the economy and people’s lives in order to make blockchain a part of China’s digital infrastructure.
The new organization is overseen by the Beijing Academy of Blockchain and Edge Computing.
The South China Morning Post reported on Thursday that China’s National Blockchain Technology Innovation Centre had been approved by the Ministry of Science and Technology. This new school is part of a network of 50 corporate entities, many of which are state-owned. The ChainMaker can process 240 million transactions per seconds (TPS) at the time of writing. This announcement was made despite China’s September 2021 decision to reinstate its 2017 ban on cryptocurrency trading. Despite the restrictions on private individuals, many of the largest Chinese companies are still making significant progress in developing blockchain-based goods. China has been promoting itself as a blockchain nation in recent years. China is responsible for 84% of all global blockchain applications as of September 2022, according to its government. The acceptance rate is low, with only 19% of all submitted applications being granted, even though the actual figures may not change significantly.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: BeijingBlockchainChainMakerChinacrypto