The National Blockchain Technology Innovation Center’s construction has received approval from China’s Ministry of Science and Technology.
According to official media cited by the South China Morning Post, the research hub’s main goals center on studying the technology for commercial uses and how it may be used in the national economy.
The new center will also work with domestic Chinese universities, research institutions, and companies.
The Beijing-based research and development organization Microchip Research Institute and the Edge Computing Research Institute will serve as the center’s directors.
The announcement was made despite China’s decision to officially reinstate its 2017 ban on cryptocurrency trading in September 2021.
Some of the biggest Chinese companies are still making great progress when it comes to developing blockchain-based goods, despite the stringent restrictions placed on private individuals.
Companies like Alibaba, one of the top tech companies in the world by market capitalization, announced a partnership with the Avalanche blockchain in December 2022 to enable node-as-a-service activities.
The Chinese government has also expressed interest in NFTs, another industry.
The nation declared the opening of the “China Digital Asset Trading Platform” in December 2022. It is also anticipated that the state-backed online collectibles market will use a native blockchain.