China launches first blockchain pilot zone in Hainan Province

A blockchain pilot zone has been launched in south China's Hainan Province, Xinhua Net reported.

The blockchain pilot zone, the first in China, includes a blockchain research institute which has been jointly established by Hainan Resort Software Community (RSC) and University College Oxford Blockchain Research Centre at Oxford University.

According to the report, RSC is also going to launch a blockchain institutional innovation center in collaboration with Renmin University.

"The pilot zone will commit to attracting blockchain talent around the world and exploring the application of blockchain in areas such as cross-border trade, inclusive finance and credit rating," said Wang Jing, head of Hainan's provincial department of industry and information technology.

Jing said that the pilot zone would help deepen the collaboration with top research institutions around the world and key players in the blockchain industry.

The news comes amid recent reports that suggest that the government is planning to release three blockchain standards on smart contracts, privacy and deposits this year.