After the first CBDC, now, China wants to build a blockchain-based government as we are reading further in the upcoming blockchain news.
Right after the first pilot for central bank digital currencies, the Chinese government has plans to turn the country’s capital into a blockchain-based hub. In their new 145-page document, the Beijing municipal administration presented a roadmap for the next two years for a blockchain-based programmable governance model. More than 100 government services in China already use popular blockchain technology. The move came right after China launched central bank digital currencies earlier this year.
In the blueprint, it is clear that China wants to explain how the framework will increase the efficiency of the data sharing and communications between multiple business agents and other governments. The paper also mentions multiple focus-areas that range from logistics to enterprise governance and the controversial surveillance mechanism such as social credit system and identification were not mentioned despite the announcements. The document is in line with the newly revealed Beijing Blockchain Innovation Development Action Plan 2020-2022.
The country has been focusing on blockchain technology ever since Xi Jinping’s speech in 2019 where he called for more investment in this sector. Among the other initiatives is the Blockchain-based Service Network which was launched in 2020 and the blockchain development in Hainan Resort Software Community.
As per the other reports, A food delivery platform with 435 million users will be the place where China will test the digital yuan initiative, reports show. As we can see from the latest cryptocurrencies news, the People’s Bank of China (PBoC) is planning to add the Tencent-backed food delivery giant named Meituan Dianping to the list of platforms which will test the real-world use cases of the digital yuan.
Some sources close to Bloomberg said that Meituan had been in talks with China’s central bank – specifically its research arm named the Digital Currency Research Institute – about the use cases for its central bank digital currency (CBDC). However, both the parties are yet to specify the details about their partnership. China had apparently completed the backend development of its CBDC and the government apparently started drafting laws for the same in March 2020. It will be thrilling to see what all of this brings in the future.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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