Shanghai to integrate blockchain as Hong Kong becomes crypto hub

July 24, 2023

By Sharan Kaur Phillora

Despite its firm stance on cryptocurrency, China is demonstrating its recognition of the profound potential of blockchain technology. Shanghai, the country’s most populous city and a significant global financial hub, has recently unveiled new regulations to stimulate the widespread use of blockchain, the metaverse, and digital yuan across varied industries.

Here’s what we know:

These fresh guidelines call upon players in the automotive, commodity trading, and e-commerce sectors to incorporate and investigate the potential of blockchain and metaverse technologies in their operations. It underlines the government’s commitment to leverage innovative technologies despite its resistance to cryptocurrencies like Bitcoin (BTC).

Moreover, the initiative urges industrial entities to develop blockchain-oriented solutions for managing carbon emissions. This comes at a critical time, as China currently leads in global carbon dioxide emissions, according to data from Statista.

Intriguingly, rumors about a potential revision of the Chinese government’s crypto trading stance have been circulating. 

Yet, the administration under President Xi Jinping remains tight-lipped, making no public announcements in this regard.

On the other hand, Chinese municipalities are making significant strides in exploring the concept of blockchain-based metaverses. Substantial financial investments are being funelled into these rapidly evolving virtual environments, signifying their commitment to this digital frontier.

Collaborative efforts between the Beijing Municipal Science and Technology Commission and the Zhongguan Village Science and Technology Management Committee led to the inauguration of the “Beijing Web 3.0 Innovation,” indicating a solid interest in blockchain and metaverse technologies. 

As Shanghai propels its blockchain adoption, it will be intriguing to see how these developments shape the future of the country’s digital landscape.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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