1. China establishes a cutting-edge blockchain research hub, aiming to educate 500,000 blockchain professionals.
2. The Chinese government separates blockchain from cryptocurrencies, enforcing a ban on crypto trading in 2021.
3. Hong Kong’s crypto-friendly policies attract major firms like Huobi, allowing them to recover from the ban.

China aims to educate half a million blockchain experts after establishing a state-of-the-art blockchain research hub. The newly opened center in Beijing has received official approval from the Chinese Ministry of Science and Technology. It plans to collaborate extensively with universities, technology firms, and other research organizations to advance the growth of China’s blockchain and Web3 sectors.

Undoubtedly, digital assets are widely recognized as one of the prominent applications of blockchain technology. However, the Chinese government has adopted a strict stance on cryptocurrencies and banned crypto trading in 2021.

In light of this, the focus of supporting China’s blockchain sector involves separating the technology from its association with cryptocurrency applications.

As reported by the South China Morning Post, the center’s objectives extend beyond training blockchain professionals. It also seeks to create a comprehensive blockchain network across the country, connecting existing blockchains and fostering cross-chain development.

Chinese blockchain platforms such as ChainMaker, also referred to as the Chang’An Chain, exemplify the country’s blockchain initiatives.

The Beijing Academy of Blockchain and Edge Computing, a government-supported research institute actively involved in the new center, has developed ChainMaker as an open-source platform.

One notable organization exploring the capabilities of the Chang’An Chain is the State Grid. They envision leveraging the platform to record carbon lifecycle data on the blockchain, emphasizing its potential applications.

In the healthcare sector, Chinese industry participants are joining forces to develop the Xiaotong Medical Chain, utilizing the ChainMaker platform. The primary objective of this initiative is to establish reliable data connections.

By utilizing the Xiaotong Medical Chain, medical institutions, government authorities, and insurers can securely exchange information through a verified and cryptographically protected channel. This collaboration aims to enhance transparency and trust within the healthcare ecosystem.

On the other hand, as the Chinese government focuses on highlighting non-cryptocurrency applications of blockchain technology, digital asset firms in China have encountered challenges in navigating the country’s crypto ban.

Despite the ban, there is a significant demand for cryptocurrencies among the Chinese population, and the enforcement of the prohibition has proven challenging.

To overcome these obstacles, some companies have successfully adopted a strategy of relocating their operations from mainland China to Hong Kong.

Unlike Beijing’s approach, Hong Kong has fostered a favorable environment for cryptocurrency enterprises, attracting some of the world’s largest crypto firms to establish offices there.

One notable example is the company Huobi, which has chosen to expand its operations in Hong Kong. Despite facing significant challenges due to the crypto ban in 2021, Huobi and similar companies have managed to regain their momentum, thanks to the crypto-friendly policies embraced by Hong Kong.