China Announces 15 Pilot Zones for Testing Blockchain Tech

China announced 15 pilot zones for testing the application of blockchain technology for several service sectors.

The Cyberspace Administration’s official Wechat social media account said that the pilot zones include areas in Beijing and Shanghai, as well as Guangzhou and Chengdu.

The announcement which came via a joint government statement also added that the entities will conduct the projects in fields such as manufacturing, energy, government and tax services. They will also do the law, education, health, trade and finance, and cross-border finance.

China Announces Pilot Zones

China’s push towards blockchain technology started in 2019. It started when President Xi Jinping called for boosting the development of technology as the core for innovation.

China has also been pushing for the introduction of a digital yuan in the pilot zones

According to Blockchain. News, China said that Macau is expected to be a testbed for China’s digital yuan, also known as the e-CNY, as casino owners prepare to bid for new licenses in the city for the first time in two decades.

Chinese regulators will be looking forward to using the casino licensing opportunity. They want to test the digital yuan in 2022, according to Reuters.

The government authorities have also pitched ideas like appointing agents to supervise daily casino operations, the report added.

Prior to making a move towards enhancing the use of blockchain technology, China issued a complete ban on cryptocurrency transactions and mining – which are based on the technology.

According to a Blockchain News report, China implemented its zero-tolerance policy for Bitcoin mining in May 2021. A series of crackdowns on miners finally led to the exodus of mining firms from the Asian nation.

Beijing’s negative stance about crypto miners is by the supposed environmental impact.

The majority of the nation’s power source comes from coal and the same goes with the pilot zones