13
February2018
China continues blockchain development

China continues blockchain development

Despite restrictive measures against cryptocurrency exchange and cryptocurrency crowdsale, China continues to work on blockchain technologies. For further development of the technology Trusted Blockchain Open Lab has been launched in the country, Caixin reported.

China Academy of Information and Communications Technology (CAICT), a research institution under the Ministry of Industry and Information Technology, is the founder. New lab will conduct research of the technology and its further development. Trusted Blockchain Open Lab also plans to create a platform for specialists to share their knowledge around the technology.

Chinese high officials often talk about blockchain. Di Gang, vice director of the Digital Currency Research Institute within the People’s Bank of China, recently complained of the staff shortage and the lack of specialists in the sector. He warned that technical blockchain specialists were lacking in comparison to businessmen in Chinese blockchain community.

Sun Guofeng, director general of the Digital Currency Research Institute, believes that ban on initial coin offerings (ICOs) was "necessary and timely" decision. However, he supports blockchain introduction and is convinced that new laws will not prevent the development of blockchain industry.

Various Chinese companies also currently continue working with the technology, including tech giant Tencent (QQ and WeChat developer) and payment giant China UnionPay.

 

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