Media report the opening of a blockchain-technology centre in Beijing

The Chinese government will establish a National Innovation Centre for Blockchain Technology to explore its possibilities and broader integration. The report is by the South China Morning Post.

According to the publication, the centre will be based in Beijing and will unite local universities into a research network, as well as blockchain-focused analytics firms. The results of the work are reportedly to be used in the further digitalisation of the PRC.

Earlier, Huang Yiping, a former member of the People’s Bank of China’s Monetary Policy Committee, called blockchain technologies valuable for financial systems. In his view, authorities should take into account the long-term consequences of banning cryptocurrency.

In September 2021, the PBOC, in a joint statement with nine state agencies, classified digital-asset activities as illegal financial activities.

In February 2022, Chinatightened criminal liability for illegal fundraising in cryptocurrencies. At the same time, the Shanghai High Courtrecognized Bitcoin as a virtual asset with economic value protected by law.

According to former BitMEX CEO Arthur Hayes, Chinaintends to return to the digital-asset industry via Hong Kong.