The National Blockchain Technology Training Centres in Beijing have received approval from China’s Ministry of Science and Technology to operate as a blockchain research center. In order to create essential innovations and business products, the center will concentrate on blockchain-related core theory, technology, and hardware areas. Beijing’s blockchain center longing to trial a distributed ledger technology while maintaining a restriction on cryptocurrencies, the China government wants this research center tasked with achieving fundamental technological breakthroughs connected to the blockchain.

Despite firmly banning cryptocurrency mining and trade, China’s government actively promoted blockchain technology and used it to create its own national digital currency. Chinese businesses have submitted almost 70% of all global blockchain patent applications, according to sources. In China, the technology is widely used in a variety of sectors, including banking, finance, government, healthcare, logistics, and smart manufacturing. China is where blockchain is most widely used now.

The three main considerations for the latest regulations, according to the Chinese government, are investor protection, carbon neutrality, and financial stability. The worldwide bitcoin markets have been significantly impacted by the crackdown. Bitcoin mining trends have undergone a dramatic change as a result of China’s mining drive, with some Chinese mining activities migrated abroad and others closed.

For more such content, keep reading @techinnews