China is planning on rolling out blockchain technology across businesses and government organizations - the process is being fast-tracked.
According to a notice published by the Cyberspace Administration of China (CAC), a large in-house effort is being made by the CAC with other government agencies and regulatory authorities to create the infrastructure needed to "form a large-scale production-level cross-chain data exchange support capability, and promote the formation of a multi-party collaborative blockchain industry ecology." The effort will span across 15 zones and 164 entities.
As Cointelegraph reports, China plans on this blockchain infrastructure initiative to effect the following; "manufacturing, energy, government data sharing and services, law enforcement, taxation, criminal trials, inspection, copyright, civil affairs, human society, education, healthcare, trade finance, risk control management, equity market and cross-border finance."
Despite China's opinion on Bitcoin and other forms of cryptocurrency adoption, the nation seems to be looking towards how it can implement blockchain technologies into its society. Additionally, reports indicate that the Blockchain-based Service Network (BSN), which is a government-supported blockchain project, is creating the infrastructure for businesses and individuals to create NFT-focused platforms and apps. However, these apps and platforms will trade NFTs with fiat currency and not crypto.
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