China Initiates Blockchain Technology Despite Cryptocurrency Ban

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China has been hard on cryptocurrency after banning cryto trading and mining operations just September last year. The ban came in phases first banning financial institutions from engaging in any cryptocurrency transaction in May then banning all crypto mining activity in June, China was one world's leading Bitcoin mining country. Cryptocurrency was finally outlawed in China in September 2021.
It was claimed that the use of digital currency was easy for fraud and money laundering also labelling Bitcoin and other coins as threat to financial stability.


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The Cyberspace Administration of China CAC announced the commencement of blockchain technology across 15 zones and 164 entities.

The truth is at least China still saw the transparency of the blockchain which it intends to use on a large scale in businesses and government organizations.
The main areas of blockchain technology use include production, energy, government data sharing and services, law regulation, taxation, criminal trials, investigation, trademark, civil affairs, human culture, education, healthcare, trade finance, risk control management, stock market and cross-border funding.

The transparency of the use of the blockchain technology cannot be ignored, surely this is why China is ready to initiate the use of the technology in it full fledge across which includes the nation's capital Beijing, Guangzhou and Guiyang.

Blockchain-based Service Network BSN, a government blockchain project is supporting businesses and individuals in building NFT-focised platforms and apps.

Don't forget that Asia's wealthiest man, who hails from China started in China but doesn't even run his business in China, I sometimes wonder the contradiction that the national has, banning cryptocurrency but widely accepting NFTs and the use of blockchain technology.
The truth is that nation's just want to control the uncontrollable.
Don't forget China has its own digital Yuan called e-CYN that is not decentralized but issued and controlled by China's Central Bank.

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