Chinese Govt. Inks Partnership With Huawei To Speed Up Blockchain Adoption

The government of the Nanshan District of Shenzhen, a city in southeastern China, has done a deal with telecommunications behemoth Huawei to drive the adoption of cutting-edge technologies, for example, Blockchain, Big Data and 5G.

As indicated by The Global Times, the outlet that is viewed as the mouthpiece of the Communist Party of China, the city will turn into a model for the semiconductor business.

China’s Digital Currency

Shenzhen, which serves as a connection between China and Hong Kong, is viewed as the nation’s greatest technology hub. It is where Huawei went from a little merchant of telephone switches to one of the greatest telecom giants in the world with European-style grounds simply outside the city.

As per the announcement, the People’s Bank of China (PBoC) collaborated with Huawei to begin testing its own virtual currency in Shenzhen and Suzhou together with leading commercial banks in 2020.

The pilot of China’s national bank virtual currency will include a huge number of enterprises, including healthcare.

Taking Advantage of the Opportunity

China is yet to change its pugnacious mentality to Bitcoin. The cryptocurrency has been prohibited here since September 2017, in spite of the way that the nation is liable for 66% of the total mining share.

However, the technology behind Bitcoin, Blockchain, holds a great deal of guarantee for the communist state. Back in October 2019, President Xi Jinping referenced that they needed to take advantage of the opportunity presented by Blockchain, prodding a gigantic crypto rally.