China’s Cyberspace Affairs Commission Approves Over 300 Blockchain Projects

Asia Blockchain Review
November 4, 2019

China’s Cyberspace Affairs Commission (CAC) has disclosed it is approving 309 blockchain projects in the second batch, with projects in various sectors such as healthcare, e-commerce, logistics, financial services and automotive manufacturing.

Over 50 Approved Blockchain Projects 

Recently, the Chinese government has been demonstrating signs of support for blockchain technology, especially with the news that the People’s Bank of China (PBOC) will soon be introducing its own digital currency.

For the second batch of blockchain projects approved by the CAC, a large number of blockchain-powered financial and digital asset management services were among the initiatives.

According to Technode, over 50 blockchain services were approved, including wallet and financial services and digital asset management. 

Companies owning these projects include major Chinese players such as China UnionPay, Ping An Bank, the Industrial and Commercial Bank of China, Huawei Cloud, Baidu, Alibaba Cloud and JD.com.

Meanwhile, China’s public sector has been carrying out blockchain projects and submitting them for approval, from the blockchain-enabled invoice system from the Tax Bureau of the State Administration of Taxation to the blockchain-powered platform for cross-border transactions by the State Administration of Foreign Exchange.

China Supporting Blockchain Initiatives

In October 2018, the CAC published draft regulations for blockchain-enabled services with the aim of promoting an “orderly development” for the decentralized technology in its public and private sectors.

In February 2019, the regulations came into effect, and in March, the CAC published the first batch of blockchain projects — a total of 197 — that had successfully registered with the government’s system.

Source: https://technode.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Inblocks Conference by Tokocrypto is BACK, together with Indonesia Blockchain Week
Tokocrypto, the leading crypto exchange in Indonesia, presents Inblocks 2019, the biggest blockchain...

November 12, 2019

Blockchain Regulation and Landscape In Indonesia
After prohibiting crypto assets in early 2018, the Indonesian government finally started realizing t...

November 6, 2019

SE Digital to Democratize the Thai Financial Market as an Official Portal
SE Digital is keen to democratize the Thai financial market as an official ICO Portal, with new acce...

November 5, 2019

Hummingbot and Zcoin Announce Liquidity Mining Partnership
Hummingbot is excited to announce that Zcoin, one of the first and most trusted privacy-focused cryp...

November 1, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us