The regulators in China have a stern stance towards private cryptocurrencies. Since the nation-wide crypto ban in 2018, authorities have been cracking down on any entity that fails to comply with their anti-crypto regulations. However, the government has made it quite clear that the nation wants to focus on blockchain development.
The nation is seeing rapid growth in terms of blockchain development. Information gathered by LongHash has revealed that in January itself, 714 blockchain firms have sprung up, resulting in a total of 26,089 companies operating in the country in this sector.
In the latest development, China’s National Archives Administration (NAA) is looking to leverage distributed ledger technology (DLT) in China in collaboration with high-performance blockchain network IOST, while also raising awareness and promoting public education about blockchain tech in the nation.
History made by IOST
China’s National Archives Administration, a Chinese national agency under the China Central Committee of the Communist Party, had called forth IOST’s Co-founder, Terry Wang, as an expert in the crypto industry, to deliver a lecture on DLT to a total 350 people in attendance, including Chen Shiju, deputy director of the Central Office, members of the leadership team of the National Archives Bureau, and representatives of some cadres and employees.
The event marked the first time a blockchain project has been invited to lecture the Chinese government about the technology.
In his lecture, Terry discussed the current state of the Chinese blockchain space and discussed how blockchain tech can be implemented by the NAA. He also talked about the current status of the IOST project, and the potential of its blockchain-as-a-service (BaaS) platform in maintaining the sacredness and authenticity of the historical evidence of China.
According to the blockchain company, this event would further help strengthen IOST’s position in China. A part of IOST’s official announcement reads:
“This momentous achievement paves the way for further adoption of IOST blockchain technology in China by the Chinese government, Chinese industry leaders, and major enterprises. IOST’s growing recognition by the China government and enterprises will promote the development of IOST’s robust ecosystem, and unlock more future potentials of its innovative, unique, and leading technology.”
IOST already has a strong foundation in China with involvement in several high-profile partnerships and a commitment towards promoting the implementation of DLT-based solutions in China. The blockchain-project has also earned its place among the top five cryptocurrency and blockchain projects according to China’s Centre for Information and Industry Development (CCID), a body under the Ministry of Industry and Information Technology.
China and blockchain
On the other hand, the Chinese government has been largely focusing its efforts towards blockchain tech as a core area of development.
Earlier in March, the authorities announced the launch of the Blockchain-based Service Network (BSN). BSN is an alliance of Chinese government groups, banks, and technology companies collaborating with each other under the supervision of the central government to cut costs of doing blockchain-based business in China.
Meanwhile, China is already close to deploying its much talked about Central Bank Digital Currency (CBDC), also referred to as the Digital Yuan. Last month reports surfaced that the nation has already begun the trial of what seems to be the purported pilot version of a wallet app for China’s digital Yuan.