One of the first nations to support the market was China. At the time, the vast majority of people on Earth were not familiar with the world of cryptocurrencies.
China has made the decision to brazenly outlaw all forms of cryptocurrencies in light of the fact that every nation seems to be making headway in this area.
The nation categorically destroyed renowned Bitcoin mining business titans and enacted a comprehensive ban on the sector. The nation, on the other hand, felt differently about NFTs and the metaverse.
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However, blockchain technology has been widely embraced in China. China is purportedly constructing a blockchain research facility in Beijing, according to the most recent story published on Thursday by the South China Morning Post.
China’s strategy is to promote blockchain while maintaining its prohibition on cryptocurrencies.
The Ministry of Science and Technology has gave its approval to the blockchain technology innovation center. Beijing is where the technology center will be.
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According to a Wednesday story in the newspaper, “the center will concentrate on areas of blockchain involving core theory, software, and hardware, with the aim of developing related essential technologies and industrial applications.”
Blockchain will become a crucial component of China’s future digital infrastructure thanks to the center. The Beijing Academy of Blockchain and Edge Computing will direct the latest blockchain innovation.
