Chinese government to accelerate blockchain adoption with new partnership with Huawei

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Alex Dovbnya
Chinese technology center relies heavily on blockchain and other advanced technologies

Content

  • Chinese cryptocurrency
  • Take the chance

Southeast China’s Shenzhen city Nanshan district government signed an agreement with telecommunications giant Huawei to propel the adoption of blockchain and other advanced technologies such as big data and 5G .

According to The Global Times, the outlet believed to be the spokesperson for the Chinese Communist Party, the city will become a model for the semiconductor industry.

Chinese cryptocurrency

Shenzhen, which serves as a link between Hong Kong and China, is considered to be the country’s largest technology center. This is where Huawei grew from a small provider of telephone switches to one of the world’s largest telecommunications giants with European-style campuses just outside the city.

As reported by U. Today, the People’s Bank of China (PBoC) has partnered with Huawei to begin testing its own digital currency in Shenzhen and Suzhou in collaboration with major commercial banks in 2020.

China’s central bank digital currency pilot will involve a multitude of industries, including healthcare.

Take the chance

China has not yet changed its belligerent attitude towards Bitcoin. Cryptocurrency has been banned here since September 2017, despite the fact that the country is responsible for 66% of the total share of mining.

However, the blockchain, the technology behind Bitcoin, holds great promise for the communist state. In October, President Xi Jinping said they had to seize the opportunity offered by the blockchain, which sparked a huge crypto rally.

In 2019, China accounted for 22% of all blockchain-related VC transactions.

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