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.
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.
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.
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