China Backs Blockchain Technology Despite Cryptocurrency Prohibition

China has established a national blockchain research centre, with the aim of training 500,000 professionals in the technology. The new Beijing-based institution is backed by the country’s Ministry of Science and Technology and will partner with universities, tech companies and other research bodies as it seeks to develop China’s blockchain and Web3 sectors. The centre, which is also working to establish a national blockchain network, will look to disconnect the technology from cryptocurrencies, which are banned in the country. Among entities using these blockchains is the State Grid, which is looking to record carbon lifecycle data on-chain.