On July 31, the government of Shanghai, China, released a plan to foster the growth of its urban blockchain digital infrastructure system from 2023 to 2025. The project aims to support Shanghai’s urban digital transformation while promoting the widespread use of blockchain technology in the economy, public services, and urban governance.
The update highlighted significant progress in the core technology and standard system construction of blockchain, establishing a robust industrial ecosystem with a strong focus on innovation. This has led to the emergence of influential and forward-thinking companies.
Once the urban blockchain digital infrastructure system is fully developed, it is expected to facilitate municipal affairs, public services, and applications in various industries across the region. It also coordinates blockchain network resources in the Yangtze River Delta area and fosters the establishment of an international blockchain exchange hub.
China is actively preparing several cities nationwide to embrace and integrate emerging technologies. In May, Nanjing introduced the China Metaverse Technology and Application Innovation Platform to advance nationwide research and development of the metaverse concept. Similarly, Zhengzhou announced various proposals to support the operations of metaverse companies in its region.
In conjunction with these developments, China is making significant strides in developing and implementing its central bank digital currency (CBDC), known as the digital yuan, in various cities across the nation. For instance, in July, Jinan began encouraging the use of the digital yuan for payments on all its bus routes.
