21/07/23

FINTECH: Shanghai to integrate blockchain as Hong Kong becomes crypto hub

As published on: crypto.news, Friday 21 July, 2023.

The Chinese government has outlawed bitcoin (BTC) and other digital assets. Still, it recognizes the potential of blockchain technology. Currently, the country is exploring the benefits of innovative technologies.

The government of Shanghai, China’s biggest city and global financial epicenter, has released fresh guidelines to accelerate blockchain, the metaverse, and digital yuan adoption across industries in the municipality.

As stated in the document, market participants in the automotive, commodity trading, and e-commerce ecosystems will be required to integrate and explore blockchain and metaverse use cases in their operations.

Players in Shanghai’s manufacturing sector will be required to develop blockchain-based solutions for carbon emissions management. China is currently the largest emitter of carbon dioxide in the world, according to Statista.

While recent reports suggest that the Chinese government may be nurturing plans to unban cryptocurrency trading in the country, the President Xi Jinping-led administration has yet to make official pronouncements.

As reported by crypto.news last May, the Beijing Municipal Science and Technology Commission joined forces with the Zhongguan Village Science and Technology Management Committee to roll out the city’s blockchain development plan dubbed the “Beijing Web 3.0 Innovation Development White Paper (2023).”

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