China was one of the first countries to endorse the industry. This was at a time when the vast majority of the world’s population was unaware of the cryptocurrency realm. With every country appearing to be progressing into the sector, China has decided to blatantly ban all things cryptocurrency.
The country clearly crushed notable Bitcoin mining titans and imposed a broad ban on the industry. The country, on the other hand, had mixed feelings about the metaverse and NFTs.
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However, China has been greatly adopting blockchain technology. According to the latest report on Thursday from the South China Morning Post, China is reportedly building a research center for blockchain in Beijing.
China’s plan is to push blockchain while keeping cryptocurrency ban in place
The blockchain technology innovation center has recently been approved by the Ministry of Science and Technology. The technology center will be located in Beijing.
“The center will focus on areas of blockchain regarding fundamental theory, software, and hardware, with the aim of developing related key technologies and industrial applications,” the newspaper reported on Wednesday.”
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The center will make blockchain an essential part of China’s new digital infrastructure. The new blockchain innovation will be guided by the Beijing Academy of Blockchain and Edge Computing.