China’s cryptocurrency ban was part of a trend in Chinese economic policy toward greater state intervention. The People’s Bank of China argues that its ban on cryptocurrencies is to curtail financial crime and prevent economic instability.
Earlier, China banned mining activities and pushed miners to move their mining activities to countries outside China! But China never stopped developing and building on Blockchain!
China Supreme Court calls for mass blockchain adoption in judicial system
Lately, The Supreme People’s Court of China urged the local judicial system to adopt blockchain technology to build up connections between courts across the country by 2025.
The Supreme Court said in a document published that blockchain can utilize the verification and sharing of judicial data, legal documents and reports.
The document noted that there are over 2.2 billion pieces of judicial certificates stored on the blockchain. The Supreme Court said blockchain will improve efficiency across judicial processes such as case filing, information query and verification, and communication between different judicial systems, and it proposed establishing cross-chain collaborations between court, law enforcement, and regulators.
China’s state-backed BSN pushes new public blockchain network unlinked to cryptocurrencies for international markets
From the other end, it was announced that, the Blockchain Service Network (BSN) that went live on 2020, is going to release on August 31 a beta version of this new blockchain, called the BSN Spartan Network. BSN is building a version of the popular distributed ledger technology that is designed for use in international markets and will not involve cryptocurrencies like bitcoin or Ethereum.
Spartan Network marks BSN’s first major international push, moving the firm another step closer to becoming a one-stop-platform for developers to deploy and manage any type of blockchain-distributed application. The network is designed only for international markets because so-called open blockchains are not allowed in mainland China. Transaction charges, commonly known as gas fees, on this BSN infrastructure will be paid in fiat money such as US dollars
China’s CBDC, 300 million USD of payments on China Digital Yuan during Olympics
The digital Yuan was a great answer to the Chinese President Xi Jinping call to “seize the opportunities” presented by blockchain technology!
Till January this year and according to the People’s Bank of China, China’s CBDC now has 261 million unique users. In addition transactions worth 87.5 billion yuan ($13.78 billion) have been made using the China’s CBDC, the digital yuan and more than 8 million merchants now accept e-CNY.
China’s central bank has been actively testing its digital currency, also known as Digital Currency Electronic Payment (DCEP), in various cities over the past two years. The central bank has been giving digital yuan away through lotteries for residents to spend.