China is not not a big fan of bitcoin nor cryptocurrencies. However, she loves blockchain technology and CBDCs. Concerning central bank digital currencies, the Celestial Empire has far outstripped the great powers in the deployment of its digital yuan or e-CNY. And when it comes to blockchain, the country led by Xi Jingping does not think in no case give any head start to the West. Thus, through the city of Shanghai, it announces a ambitious plan for blockchain.
China offers two-year blockchain technology plan
The idea of deploying blockchain Pujiang Digital Chain in 2025 was already the subject of an announcement in Shanghai at the beginning of August. This recent technology will allow 27 Chinese cities to benefit from several amenities : digital payments, supervision, data identification, etc.
And especially no cryptos before the Chinese Communist Party completely revises its position regarding these digital assets.
“ Shanghai, continuing its development of Web3, published an action plan for accelerate the technical development of blockchain in the city until 2025. According to the published plan, the Chinese city intends to achieve breakthroughs in blockchain system security, cryptographic algorithms, blockchain-specific processes, smart contracts, cross-chain transactions, data storage, IT privacy and regulation. »
In a recent publication, The Block stressed that this Shanghai blockchain plan demonstrates a fierce desire for mastery by China of the technology associated with this concept of a shared and non-modifiable large register. (Learn a lot more about blockchain in this article written by our colleague!)
“ Shanghai Blockchain Key Technology Tackling Special Action Plan (2023-2025) » (or “Special Action Plan for Research on Key Blockchain Technologies in Shanghai”), is the name given by the Shanghai Science and Technology Commission to this unprecedented plan.
Its scope could extend to several areas :
- security of blockchain systems;
- cryptographic algorithms;
- blockchain-specific processors;
- smart contracts;
- cross-chain;
- data storage;
- private computing
- regulation ;
- etc.
A Chinese blockchain, what are the expectations?
The promoters of this plan planned that the blockchain in question could, after its launch, serve China in its activities related to commerce, the metaverse as well as its government affairs.
Here is what we could read in the first lines of official communication of the People’s Government of Shanghai Municipality:
“ Rapid development of technology blockchain profoundly modifies production relations, rebuilds the social credit system, becomes an important driver of new technological revolutions and industrial changes and promotes the construction of a digital trust infrastructure. According to the ’14e five-year plan so that Shanghai establishes global science and technology innovation center’this action plan is specially formulated to promote key technological advancements in the city’s blockchain field in a solid and orderly manner. »
Until then, still no mention of bitcoin (BTC) and cryptos. On the other hand, this piece of text gives us an overview of the seriousness given by the administrators of the financial hub that is Shanghai to blockchain technology.
And of course, their ambition to make this Chinese coastal city a world reference in terms of technological innovations, to bring order to this almost incoherent world is also highlighted.
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