Not surprisingly, China is the new entry point as a series of countries jump into the cryptocurrency and blockchain space. The Central Cyber Space and Affairs Commission issued a circular yesterday announcing its plans for a blockchain in China.
China says yes to blockchain
According to the announcement, about 16 departments have released a list of national blockchain innovation and implementation pilots. It is also the Central Cyber Space and Affairs Commission, including its departments.
In this program, these sixteen units will conduct 15 general and 164 national pilots.
The circular continues,
“State cyber space bureaus and industry regulatory departments in all regions should pay close attention to the national blockchain innovation and implementation test and strengthen pilot regional coordination, policy and financial support, operational direction and implementation.”
Under this program, each selected region (pilot unit) will be responsible for the experimental work and develop a strong and efficient management system for the program.
They also need to streamline business processes, reduce operating costs, improve collaboration efficiency, and build trust systems.
The circular also provides instructions.
“Pilot units (regions) should be engaged in the” Notice of Organizing Blockchain Innovation and Application Pilots Description ” Submit a review policy for review and approval.
None of the assigned regions will be terminated if they do not comply with the prescribed rules and regulations and / or implement procedures or promote the program properly.
In particular, while accepting currencies is an unthinkable idea, the country’s own digital currency is gaining momentum.
With more than 10 million merchants supporting Digital Yuan for payment, the country traded an estimated $ 13 billion with CBC.
Asia CZ and Binance CEO CZ come from China, but expect these figures to increase further as native cryptos will not be visible due to the ban.