Copy link
Increase text size
Decrease text size
Link copied

IBM, Alibaba, Tencent join China’s local blockchain alliance

Image by mmi9 from Pixabay

Thu, 16 Apr 2020, 01:56 am UTC

China has just announced its first provincial-level blockchain group.

Called Blockchain Innovation Alliance, the group has already over 100 well-known enterprises under its wings both domestically and internationally. Among its members are Tsinghua Unigroup, Huawei, IBM, Tencent, Alibaba, and Baidu, Cointelegraph reported citing ChinaNews.

“The establishment of the Alliance in Chongqing, facing the whole country, serving the construction of the ‘Belt and Road’, and gathering elite enterprises from all walks of life, will certainly play an important role in the development of Chongqing's blockchain application innovation industry,” said Luo Qingquan, Director of Chongqing Big Data Development Bureau.

The Alliance is located in Yuzhong District. It also announced the official launch of its public service blockchain platform called “Yu Express Chain,” which is based on Inspur Blockchain Services (IBS) and will serve as a blockchain engine and development service provider.

“Yu Express Chain will drive the industry to gather and develop. In the next five years, it will strive to realize the number of core enterprise patent applications of 1,000, serve enterprises and institutions, create 20 in-depth blockchain application scenarios, and drive enterprises to create an output value of 5 billion Renminbi,” said Zhang Fan, the vice president of the Inspur Group.

Meanwhile, the central bank of China said that the country is planning to create a digital version of its fiat currency. The central bank released a summary of the 2020 National Currency Gold Silver and Security Work Video and Telephone Conference and announced its priorities in the coming years including its plan to pursue digital yuan.

In 2018, digital yuan was also part of its priorities. The central bank said it would be pursuing it at a “steady pace.” In 2019, the reserve bank said it would “accelerate” the process and take a closer look at the trend in the crypto space locally and globally.

“The People’s Bank of China (PBoC) will undoubtedly further its research and development of the national digital currency with enhance top-down design,” the bank said.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

  • Bitcoin (btc) $22,850.00 (-2.25%)
  • Ethereum (eth) $1,631.20 (-2.13%)
  • BNB (bnb) $326.22 (-2.68%)
  • USD Coin (usdc) $1.00 (+0.07%)
  • XRP (xrp) $0.397509 (-3.26%)
  • Bitcoin (btc) $22,850.00 (-2.25%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.