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A massive undertaking is currently shaping in China as the country plans to integrate blockchain technology into multiple industries. From countering tax evasion to overseeing blockchain-related products, China is ramping up efforts to implement blockchain technology across sectors.
In an attempt to further accelerate this massive adoption, the Guangzhou government will reportedly fund upcoming blockchain-related initiatives. Specifically, federated chain projects and “no-coin” public chains, CoinTelegraph reported.
The total funds that will be allocated for these initiatives are 1 billion yuan (approximately $140 million), sponsoring two projects on an annual basis. For federated chain projects, the total backing will be $420,000. Public chains initiatives, on the other hand, will be granted $1.4 million.
China bans negative blockchain sentiment
But this is but the tip of it. The fund will also select 20 companies each year, while simultaneously funding educational program focusing on blockchain technology. And on top of that, the government will also spearhead a nationwide competition based on this industry as well.
China’s desire to educate its young minds about the importance of this emerging industry is highlighted by the recent uprising of ads concerning blockchain courses. It has also banned any negative sentiments claiming that blockchain is a scam, Independent reported.
Crypto trading is still illegal in China
But it’s important to note that cryptocurrency trading still banned in the country. In fact, the country has recently reiterated its warnings regarding speculative investments on cryptocurrencies amidst Chinese President Xi Jinping’s blockchain endorsement, Reuters reported.
“Blockchain’s future is here but we must remain rational,” wrote the People’s Daily newspaper, the mouthpiece of the CCP. “The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”
Meanwhile, China’s State of Administration of Taxation has appointed Tencent – the biggest search engine platform in the country – to create a draft for the standardization of a blockchain-based e-voice. The move is thought to be a counter against tax evasion that is running rampant in the country.
Tencent will be working closely with The China Academy of Information and Communications Technology and the Shenzhen Taxation Bureau to build the aforementioned draft. The project is still in its nascent stage and no announcement has been made when it will be integrated into the system.
