China opens blockchain research centre with plans to train 500,000 industry professionals

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China is ramping up efforts to develop its blockchain industry. Photo: Shutterstock

Published: 11:00am, 14 May 2023Updated: 11:09am, 14 May 2023

China is aiming to train 500,000 blockchain professionals after the launch last Wednesday of its national blockchain research centre, as its work to make the technology a central part of the digital economy continues amid a strict ban on cryptocurrencies.

The research centre, located in Beijing and approved by the Ministry of Science and Technology, will work with universities, research institutes and companies to train workers and support China’s digital economy, according to a report from state-run media outlet Xinhua.

The centre also aims to establish a national-level blockchain network that will connect existing blockchains in China and support other industries, according to the report.

The centre is led by the Beijing Academy of Blockchain and Edge Computing, a government-backed research institute that created China’s first domestically developed open-source blockchain platform called ChainMaker, also known as the Chang’An Chain.

In January, the Beijing government put information from more than 80 government departments on Chang’an Chain to “effectively improve the security and order of government affairs and social data”.

The launch of the new centre is the latest development in the Chinese government’s plans to boost the industrial use of blockchain, which it has sought to separate from digital assets, its most popular use case.

Trading cryptocurrencies is strictly banned in mainland China, while non-fungible tokens (NFTs) have been allowed under the “digital collectibles” moniker, provided they are only bought with yuan and not resold for profit.

Blockchain development became a focus for the government after President Xi Jinping endorsed the technology in 2019. In 2021, the Chinese State Council issued a five-year plan that identified blockchain as one of seven major areas of development for China’s digital economy.