The Cyberspace Administration of China (CAC) reportedly disclosed details related to starting an in-house attempt to expedite blockchain development and innovation, throughout 15 zones and 164 entities. 

Specifically, the primary target of the project is reportedly to carry out large-scale implementation of blockchain, throughout establishments and government organizations in the nation. 

The CAC – together with different government agencies – reportedly issued directions to the regulatory authorities to “promote the intensive and balanced layout of blockchain infrastructure in the region, 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 notice further contains specifics regarding the chosen urban areas, firms, and different entities – chosen in prior by the local and departmental suggestions – which will have direct involvement with the blockchain trials. 

The primary aspects of blockchain development reportedly include 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.

The circular reportedly also highlighted the demand for regulatory departments to work with each other to support the advancement, as well as the promotion of the pilot initiatives, “and give full play to the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency, and building a trusted system.”

Regardless of adopting a concrete opposing attitude against crypto, the Chinese authority keeps on displaying their interest in associated ecosystems, nominally blockchain, and non-fungible tokens (NFT).