Hunan pioneers China’s provincial blockchain zone

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The central Chinese province of Hunan has announced the establishment of the first provincial blockchain zone in the region.

Based on local Chinese report, the “Wanbao” blockchain zone is located in the city of Loudi, making it the first blockchain zone in Hunan province. The Chinese province plans to create three main blockchain zones, including a blockchain industrial parks in Wanbao district in Loudi, and in other zones like Jingkai and Gaoxing in the city of Changsha in the Hunan province.

A total of 788 blockchain enterprises have been created in Hunan, this includes some leading enterprises like Shareslink, Hyperchain, Incite Data, and Shenzhen Defang Technology, according to the report. China’s 2019 blockchain zone development evaluation report ranks Luodi 17th among domestic blockchain zones due to the level of progress attained. 

Increased blockchain adoption in China

The Wanbao blockchain zone adds to an increasing list of blockchain development in the Asian region.

Recently, the Ministry of Education in China approved Chengdu University of Information Technology (CUIT) to begin the nation’s first undergraduate blockchain engineering major. According to reports, the enrollment and admission for the program will begin this year. The program seeks to equip students with blockchain technical skills to meet the demands of the blockchain industry.

In October 2019, a digital currency law was also passed by the Standing Committee of the 13th National People’s Congress in China. The new law governs cryptographic password management as part of the nation’s plans to release its central bank digital currency (CBDC). The law divides passwords into three categories like passwords, common passwords, and commercial passwords, and it facilitates the country’s transition to blockchain technology.

The tax bureau of Beijing also announced that it would start implementing blockchain invoicing in the city this month.