Crypto: 50,000 Developers Engaged in the Chinese State Blockchain!

Is China (finally) opening up to the crypto revolution? Despite restrictions, the Chinese government is supporting the development of the Web3 industry. With over 50,000 developers working on China’s state-backed blockchain platform, the Chang’an Chain, the country is affirming its commitment to this innovation. It appears that the Middle Kingdom is beginning to embrace crypto despite crackdown measures.

An Increasing Interest in Crypto and Web3

Yin Hejun, the Chinese Minister of Science and Technology, responded to the proposal from the National Committee of the Chinese People’s Political Consultative Conference (CPPCC). In his written response, he states that China places great importance on the development of the Web3 and crypto industry. The CPPCC proposal calls for strengthening resource support for the research and development of Web3 and crypto technology. It also includes the supervision and management of the technology as well as the encouragement of international cooperation in the crypto field.

The ministry believes that these proposals are “forward-looking, strategic, and highly compatible with the ministry’s work”. The document also recognizes China’s solid industrial foundation and its vast potential in Web3 and crypto. It specifically cites official guidelines on blockchain technology and pilot projects for innovation in this field.

China is Ready to Adopt Blockchain

Major Chinese tech companies like Ant Group, Huawei, and Baidu are playing an essential role in this sector. Moreover, China has declared that it has engaged over 50,000 developers to work on the blockchain Chang’an Chain. This is the government-endorsed blockchain platform of the Middle Kingdom. The relevant government bodies have already implemented policies and standards to accelerate the adoption of blockchain.

This initiative marks a shift from China’s previous stance. Indeed, the country had banned cryptos and punished mining activities. Moreover, there are ongoing concerns about the digital currency of the People’s Bank of China (CBDC), the digital yuan. This currency could allow authorities to exercise unprecedented surveillance and control over populations.

With its commitment to blockchain, the Asian giant seems to be taking a significant turn. This suggests a future where crypto could play a major role in its technological and financial landscape.