The Chinese Ministry of Science and Technology has approved the launch of the National Blockchain Technology Innovation Center in Beijing. The center will focus on use cases that could boost the local economy, and will collaborate with domestic universities and research institutes to further explore the industry. The People’s Republic of China is supportive of blockchain technology, with President Xi Jinping encouraging the nation to “seize the opportunities” presented by the technology. China has, however, banned all cryptocurrency operations on local soil in 2021.
In addition to blockchain technology, the Chinese government has also been actively exploring ways to develop and popularize its central bank digital currency (CBDC). The citizens of Shenzhen, Jinan, Lianyungang, Hangzhou, Chengdu, and Beijing have all received digital yuan, and the currency was used during the Winter Olympic Games held in Beijing at the beginning of 2022. This decision caused controversy, with US Senators Marsha Blackburn, Roger Wicker, and Cynthia Lummis urging American athletes to stay away from the e-CNY over espionage concerns. Despite this, it was reported that sportspeople and visitors transacted over $300,000 worth of digital yuan daily during the Olympic Games.