The government of Shanghai has announced an ambitious implementation plan on July 31 for promoting the development of its urban blockchain digital infrastructure system from 2023 to 2025. This strategic initiative is geared towards achieving Shanghai’s urban digital transformation while reinforcing the application of blockchain technology across key sectors such as the economy, public service, and urban governance.
The update on the government’s webpage reveals that significant progress has already been made in advancing blockchain core technology and constructing a robust standard system. As a result, an industrial ecology has emerged with a powerful momentum of innovation, fostering the growth of leading and influential companies in the blockchain sector.
Once fully completed, the urban blockchain digital infrastructure system will play a pivotal role in enhancing municipal affairs and optimizing public services within the region. Furthermore, it is expected to facilitate the seamless integration of blockchain applications across various industries, cementing Shanghai’s position as a global leader in blockchain innovation.
As part of China’s broader push towards emerging technologies, the city of Nanjing, the capital of Jiangsu province, recently introduced the China Metaverse Technology and Application Innovation Platform. This platform serves as a nationwide effort to drive research and development in the metaverse, an emerging digital universe that blends virtual reality, augmented reality, and the internet.
Not to be outdone, the city of Zhengzhou has also joined the race to embrace the metaverse revolution. By announcing proposals to support metaverse companies operating within its jurisdiction, Zhengzhou aims to foster an environment conducive to the growth of cutting-edge technologies. These efforts are a testament to China’s determination to lead the way in digital transformation and innovation.
In addition to advancements in the metaverse and blockchain, China has been at the forefront of developing its central bank digital currency (CBDC), known as the digital yuan. With Jinan, one of China’s major cities, leading the charge, the digital yuan is now being encouraged for use in various transactions, with payments recently introduced across all bus routes.
The impact of these advancements on China’s metaverse and crypto sector cannot be overstated. By establishing a thriving ecosystem for blockchain and metaverse technologies, China is positioning itself at the forefront of the global digital revolution. The integration of the digital yuan further solidifies the country’s dominance in the rapidly evolving digital currency landscape.