China names 15 national pilotons and 164 units for blockchain projects-regulation

sixteen Chinese government agencies together announced a list of national blockchain pilotes on Sunday, "to further promote the innovative application of blockchain technology".

The 16 government agencies include the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission.

The list comprises 15 pilotons, including areas in Beijing and Shanghai as well as Guangzhou and Chengdu in the southern provinces of Guangdong or Sichuan. It also mentions 164 facilities, including hospitals, universities and companies that have been selected for blockchain pilot projects. The selected companies include Saic-GM-Wuling Automobile Co., China National Offshore Oil Corp, Beijing Gas Group Co. and Industrial and Commercial Bank of China Ltd.

projects are carried out in various areas such as manufacturing, energy, government and tax services, law, education, health, trade and finances as well as cross-border finances, according to the announcement details.

The regulatory authorities "emphasized the need to focus on common progress". They added that the supervisory authorities should “concentrate together in all regions to promote the pilot construction work together and to fully exploit the role of blockchain in the promotion of data exchange, the optimization of business processes, the reduction in operating costs, the improvement of the efficiency of the cooperation and the establishment of a credible system.”

The announcement also requires that all pilot regions "grant priority to the introduction of blockchain software and hardware technologies and products that are interoperable and suitable for sustainable development".

The Cyberspace Administration of China, the national industrial supervisory authorities and the industrial supervisory authorities of the provinces will organize relevant units and experts in order to provide guidelines for the planning and structure of the pilot project, the training exchange and the standardization structure.

In the meantime, China's central bank has tested the digital Yuan. In January the PBOC that its digital currency of the central bank (CBDC) has 261 million unique users. In addition, transactions worth almost $ 14 billion were made with the digital Yuan, and more than 8 million dealers are now accepting e-Cny.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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