• China is launching a new research center for blockchain innovation in Beijing.
• The Beijing Academy of Blockchain and Edge Computing (BABEC) is in charge of the institution.
• China has rolled out e-yuan (e-CNY), worth millions of dollars, across the country to promote CBDC adoption.
China Boosts Its Digital Infrastructure with Blockchain Innovation
China has decided to move deeper into blockchain technology after its ban on cryptocurrency transactions in 2021. A recent report from China Daily noted that the country is about to launch a research center for blockchain innovation in Beijing.
National Blockchain Innovation Center
China’s National Blockchain Innovation Center will work with local universities, blockchain experts, and firms to explore core blockchain technologies. The research will yield results that will play vital roles in supporting China’s new digital infrastructure.
Beijing Academy of BlockChain and Edge Computing (BABEC)
The Beijing Academy of Blockchain and Edge Computing (BABEC) will take charge of the new research institution. BABEC is famous for its ChainMaker blockchain, which has backing from 50 business corporations including the State-owned China Construction Bank (China Unicom). Currently, ChainMaker executes 240 million transactions per second (TPS). In 2021, it processed 100,000 TPS.
Blockchain technology and the CBDC project became the Chinese government’s trademark. As for China’s CBDC development, the central bank has rolled out e-yuan (e-CNY), worth millions of dollars, across the country to promote CBDC adoption.