• China has announced that it will pilot blockchain in 15 test zones.
• Blockchain trials will include many sectors.
• In 6 months, the Chinese digital yuan trial witnessed a total transaction of $8.3 Billion.

China, despite its reputation for having enforced strict crypto prohibitions over the years has now revealed it is running a huge blockchain pilot in various industries. The country now has 15 pilot zones. These include the epicenters in its development, manpower, and human capital, Beijing, Shanghai, and other major cities, such as Chengdu, Guangzhou, and Chengdu.

According to multiple reports, the trial hubs for blockchain will target industries like healthcare, finance education and automobile. China plans to incorporate blockchain technology into its tax and government systems.

This was after the country had held an extensive trial of Central Bank Digital Currency in mid-2021 that saw 261,000,000 users participate. The transaction volume reached $8.3 billion in 6 months. Additionally, more than 8 million merchants across the country accept digital currency for payment.

China is known for being hostile to cryptocurrencies. China has been imposing a strict crypto crackdown since last year. Many bitcoin mining companies were shut down. The crypto market was also affected by this decision, which caused a slowdown in the rally. Russia and India were not the only countries to follow suit.

These countries, however, have most recently rethought their positions on cryptocurrencies. India announced it would instead tax cryptocurrencies at 30%, and Vladimir Putin, the Russian leader, expressed his support for the crypto-friendly legislation that was filed around the beginning of this year.

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