China’s Chengdu to Establish Digital Assets Trading Center, Furthering the CBDC Pilot
“Chengdu will accelerate the construction of the blockchain intellectual property pledge & financing service platform, promote the establishment of digital asset trading center to further the China’s digital yuan pilot.”
On the morning of May 14, speaking at the 17th Representative of the Provincial People’s Congress in Chengdu, Luo Qiang, the Mayor said Chengdu would speed up the blockchain construction as China’s western financial center, according to Sichuan News‘ report.
He also pointed out that great efforts will be made to develop the new economy and actively promote the construction of the national digital economy innovation as a pilot area, accelerating the development of blockchain, 5g, AI.
As one of the listed outlets for Agricultural Bank of China’s internal testing of China’s digital yuan DCEP wallet, Chengdu has been described as one of the hot new startup hubs to emerge since 2017, thanks to rapid economic development which also happens to skew towards tech. The new report suggests that testing in the Xiaongan New Area is mostly focused on retail companies, including food vendors. For Suzhou City, testing is targeted at local government staff. The wallet has some digital currency-related functions, including digital currency exchange, wallet management, transaction tracking, and connecting other wallets. But these functions are currently unavailable to the general public according to 8btc’s report.
Early in 2019, the Sichuan provincial capital of Chengdu has launched a blockchain-driven platform to cater to cross-border trade between China and Europe that involves multiple modes of transportation. China’s Ministry of Science and Technology announced to support cities including Chongqing, Chengdu, Xi’an, and Jinan in developing pilot zones for innovative development of the new generation of artificial intelligence on March 9. The ministry plans to develop about 20 pilot zones across the country by 2023.
The region also has ambitions towards becoming the finance hub of China. Some of the more notable startups hailing for Chengdu include Codoon, internationally-known Camera 360, and Tower, among others. Beyond just homegrown startups though, with China is opening up to emerging technology, opinions have been floating that Chengdu could be a choice for blockchain enterprises, including China’s digital yuan to set up their own expansions.
China is well-known for its global manufacturing, with sometimes entire brands being produced in the country. Issues behind transparency and trust within the supply chain have attracted blockchain into the region, though no doubt Chengdu’s friendly attitude towards emerging technology provided a driving force as well.