Shanghai cityscape at night

Shanghai to launch blockchain hub connecting Hong Kong and Singapore by 2025

The government of Shanghai, the largest city in China, is preparing to unveil a cutting-edge blockchain technology hub by 2025, establishing seamless connectivity between Hong Kong and Singapore.

This initiative seeks to establish a state-of-the-art urban digital infrastructure, leveraging blockchain to bolster city governance, enhance public services, and facilitate diverse industrial applications.

The city’s Commission of Economy and Informatization recently shared the strategic vision, noting that they aim to establish the Pujiang Digital Chain’s blockchain infrastructure system by 2025, fostering a thriving industrial ecology with a formidable drive for innovation.

The development represents a significant move for Shanghai as it strengthens its foothold in the blockchain industry, aligning with the observed surge in adoption by both public and private institutions.

This concerted effort perfectly aligns with Shanghai’s overarching strategy to position itself as a prominent global leader in the continually evolving blockchain technology sector. As outlined in the press release, the government aims to establish an environmentally responsive blockchain infrastructure service system through strategic collaborations with select partners.

Shanghai’s vision entails the establishment of a cross-chain exchange hub node in the prestigious Lingang Special Area, with a particular emphasis on digital assets, finance, and shipping. The city is exploring collaborative efforts with Hong Kong and Singapore to launch interoperable blockchain pilots, facilitating seamless connectivity across several regions.

To ensure a successful implementation, the Shanghai government will foster collaborations across multiple industries, facilitate talent introduction and education, and establish a standardized blockchain system. Various funds will be supported to bolster financial security.

The plan also entails constructing a robust security system, including regular evaluations of major application scenarios to proactively address security concerns during their development and deployment.

Shanghai’s growing interest in blockchain technology

This recent development aligns with prior reports suggesting the Shanghai government’s intentions to enhance the city’s economic landscape through blockchain technology, China’s native CBDC project, and advancements in the metaverse scene.

In July, the government disclosed its comprehensive strategy to establish up to 30 metaverse projects within the tourism industry by 2025. The blueprint outlined plans to channel investments of up to $7 billion into culture and tourism sectors through blockchain.

Amidst these endeavors, the broader Chinese government has persistently pursued the potential of blockchain despite maintaining a cautious approach toward digital assets. As part of this ongoing trend, China revealed its intentions in March to enhance the standards for blockchain development, setting ambitious targets to achieve substantial progress by 2025.

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