Today, according to its office page, the government of Shanghai, China has approved the adoption of its urban blockchain virtual infrastructure system plan. As revealed, the adoption of the plan is targeted at the swift advancement of its virtual infrastructure system between 2023 and 2025.
Meanwhile, in the announcement, the government of Shanghai referred to the bill as a strategic goal of its urban virtual transformation. Further, the regional government added that the plan will help enhance the adoption of blockchain in key sectors of the region and China at large. Some of these sectors according to the announcement include economy, public service, and urban governance.
Also in the announcement, the Shanghai government intended to establish a robust blockchain technology industry. This focus will see the regional government focus on building prominent and innovative organizations with recognizable influence. Likewise, at the end of the full implementation of the plan, the Shanghai government hopes it will assist municipal affairs. Additionally, the full implementation of the plan is directed at combining blockchain network resources in key regions. One of these regions includes the River Delta, as efforts are underway to establish an international blockchain exchange hub in China.
What it Means for the blockchain industry in China
Lately, there have been applaudable developments relating to the embracement of blockchain innovations in China. Previously the Chinese government has maintained strong opposition to cryptocurrency. Nonetheless, the Chinese government instead focuses on other segments of blockchain like NFTs and metaverse
Now, regions like Hong Kong, Nanjing, and Zhengzhou have invested huge resources as part of their focus on the innovation. Jinan, another city in China, has supported the country’s efforts in the introduction of a virtual yaun. In July, the city introduced payment in the virtual yuan in a bid to encourage residents to embrace it.
While Shanghai is new on the list, Hong Kong, due to its focus on blockchain has earned a reputable status among crypto enthusiasts. Owing to that, the region has emerged as one of the most attractive destinations for blockchain investment. Consequently, virtual asset service providers like Houbi, Bitget, Hashkey, OKX, and Gate.io have ventured into the Hong Kong market.
As part of its commitment to the blockchain landscape, in February, the Hong Kong government injected $6.3 million toward web3 expansion. On the other hand, Nanjing in May launched the China Metaverse Technology and Application Innovation platform. The innovation emerged as one of the city’s pursuits to enhance metaverse research and development in China.