The Beijing Municipal Party Committee today released the implementation opinions of "Implementing the Decision of the Central Committee of the Communist Party of China on Further Comprehensively Deepening Reform and Promoting Chinese-style Modernization" stating that Beijing will improve the policy system for promoting digital industrialization and industrial digitalization, and promote the construction of national blockchain hub nodes in Beijing. , improve the energy efficiency of computing infrastructure, and build a first-class information infrastructure system focusing on blockchain.
In addition, the implementation opinions emphasize that we will strive to expand the application scope of digital renminbi and support qualified foreign-funded institutions to participate in financial business pilots to accelerate the development of the digital economy.
Beijing deploys national blockchain network hub
The Chinese authorities, who have rarely mentioned blockchain, suddenly announced that they would promote the construction of a national blockchain hub node, which is particularly eye-catching. However, in fact, Beijing also announced at the end of last year that it would establish a national blockchain network hub.
The Beijing Data Infrastructure System Pilot Zone was launched in November last year. The pilot zone creation plan clearly mentioned the need to build a national blockchain network hub and support the construction of the national blockchain network through new distributed data sharing and circulation infrastructure. .
Changan Chain takes on important responsibilities
Chinese media Science and Technology Daily previously reported that "Chang'an Chain" has undertaken the task of building a national blockchain network hub. Chang'an Chain is composed of well-known universities such as Beijing Microchip Research Institute, Tsinghua University, Beihang University, Tencent, Baidu and JD.com, etc. The company jointly developed it and named it "Chang'an Chain", which means "long-lasting peace and stability, creating greater glory, and connecting the world."
As a blockchain open source underlying software platform, Changan Chain claims to be China's "first independently controllable blockchain software and hardware technology system." Since its release in early 2021, Changan Chain has been used in national-level tax supervision and trusted digital identities. system, government services, supply chain finance and many other important industries and key areas of the national economy.
The head of the Changan Chain application team previously stated that the national blockchain network hub relies on high-performance blockchain technology that integrates privacy computing to build a converged computing infrastructure and create a new distributed trusted data space. "Data does not leave the domain." ” situation, a wider range of computing resources can be mobilized:
It will fully guarantee the efficient flow of high-value data from government, society, and individuals while ensuring security, and will be applied in a large number of key fields such as government services, industry, finance, energy, and medical care, becoming the main node of the digital economic nervous system.
Prelude to open cryptocurrency?
China has completely banned cryptocurrency activities in 2021, but the Chinese authorities now plan to promote the construction of national blockchain hub nodes. Some experts believe that this may be a prelude to reopening cryptocurrency, and the establishment of digital RMB nodes may be used as a demonstration next. , the focus is to clarify that blockchain nodes in China must be operated and controlled by the state.
Previously. Some crypto executives on the community have speculated that China may be considering reversing its cryptocurrency ban. Galaxy Digital CEO Mike Novogratz published a now-deleted X post in July, saying that he had heard reports that , China may lift the ban on Bitcoin before the end of 2024.
What are some Chinese concept coins?
If China reopens cryptocurrencies, some Chinese concept coins are expected to benefit, such as the Layer 1 public chain project Conflux known as China's Ethereum, Layer 1 project VeChain, decentralized storage system Filecoin, decentralized AI infrastructure Phoenix, etc. Hong Kong concept coins are also expected to benefit simultaneously.
Extended reading: Is the previously popular “Chinese Concept Coin” narrative dead?
