Ban Crypto, China Implements 15 Pilot Zones For Blockchain Technology Development

China creates a pilot zone for blockchain technology development. (photo: doc. unsplash)

JAKARTA - China has selected 15 pilot zones and identified several application areas to "implement innovative applications of blockchain technology". This statement came from the government of the bamboo curtain country on Sunday, January 30.

According to a statement on the Cyberspace Administration's official social media account Wechat, the pilot zone covers areas of major Chinese cities such as Beijing and Shanghai, as well as Guangzhou and Chengdu in Guangdong and Sichuan provinces.

According to a Reuters report, the statement was jointly issued by 16 government agencies, including the ministry of education, ministry of industry and information technology, the central bank, National Energy Administration, and China's Securities Regulatory Commission, according to a cyber administration statement.

Apart from the pilot zone, 164 entities, including hospitals, universities, and companies such as SAIC-GM-Wuling Automobile Co., China National Offshore Oil Corp, Beijing Gas Group Co., and Industrial and Commercial Bank of China Ltd were selected to carry out the blockchain pilot project.

Entities will undertake projects in areas such as manufacturing, energy, government services and taxes, law, education, health, trade, and finance, as well as cross-border finance.

"Cyber administrations of every area and industry regulators must be involved. Give blockchain a full role in promoting data sharing, optimizing business processes, reducing operating costs, and increasing collaboration efficiency in building credible systems," the statement said.

In October 2019, Chinese President Xi Jinping said his country should accelerate the development of blockchain technology as the core of innovation.

Although China is promoting blockchain technology, it has banned bitcoin, which is based on the technology. Regulators in China last September cracked down on cryptocurrencies with a complete ban on all crypto transactions and mining.