China has selected 15 pilot zones and identified several areas of application to “carry out the innovative application of blockchain” technology, according to a joint government statement on Sunday.
The pilot zones include areas in Beijing and Shanghai, as well as Guangzhou and Chengdu, according to statement on the Cyberspace Administration of China (CAC) official WeChat social media account.
Apart from the pilot zones, 164 entities, including hospitals, universities and companies such as SAIC-GM-Wuling Automobile, China National Offshore Oil Corporation, Beijing Gas Group and Industrial and Commercial Bank of China were selected to carry out blockchain pilot projects.
The entities will conduct the projects in fields such as manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross border finance.
“Each area’s cyberspace administration and relevant industry regulator should … give full play to the role of blockchain in promoting data sharing, optimising business processes, reducing operating costs and improving collaboration efficiency in building a credible system,” the statement said.
Although China is promoting blockchain technology, it has banned bitcoin, which is based on the technology. Regulators in September cracked down on cryptocurrencies with a blanket ban on all crypto transactions and mining.
The statement was jointly issued by 16 governmental bodies, including the ministry of education, ministry of industry and information technology, the central bank, the National Energy Administration and China Securities Regulatory Commission, according to the CAC statement.
- Reuters, with additional editing by George Russell