- The technology will be used in almost all areas of activity, including stock markets and cross-border payments
China Cyberspace Administration issued a circular on blockchain integration
The China Cyberspace Administration (CAC) has issued a circular on the launch of the global blockchain integration project. It concerns territorial zones in the country.
Despite efforts to censor cryptocurrencies, the PRC government is aware of all the benefits of blockchain. This is indicated by the current CAC regulation.
According to this document, regulators should “in every possible way promote” the integration of the blockchain in both economic and organizational processes. In fact, the government intends to create a whole national network with support for this technology.
Circular will affect state structures. All of them are required to work together to develop and implement innovative blockchain projects. So far we are talking about regions and 20 companies, but it is possible that over time the network will cover the entire territory.
The bill will affect almost all areas of activity in the PRC. These are: energy, manufacturing, document management and public services, taxation, criminal proceedings, inspections, copyright and patenting, education, healthcare, trade and much more.
According to CAC, blockchain integration contributes to the optimization of business processes, promotes a new approach to the exchange of data and documents, and also increases the efficiency of production models. Earlier, we reported that the Chinese authorities are building their own “NFT empire”, in which the purchase and sale of tokens will be made using fiat currency.