According to an article by CoinGeek, Shanghai is setting its sights on becoming an international epicenter for blockchain technology. The initiative will be overseen by a “market-led, industry-university-research collaboration,” and the city’s government plans to build five research and development organizations in order to attract top talent and focus on innovation.
As the government of Shanghai begins to lay the groundwork for the significant effort, it will be looking to test blockchain technology in various ways, including carbon reduction and supply chain finance.
“This is one more example of China’s ongoing support for blockchain technology,” said James Wester, Director of Cryptocurrency and Co-Head of Payments at Javelin Strategy & Research. “It has been considered a strategic technology by the Chinese government since 2019, and there have been various incentives and programs developed across China to encourage development of use cases.”
“Not surprisingly, the Chinese are not as interested in decentralized applications, but the efforts in Shanghai are in keeping with the overall interest and investment in blockchain in China,” he said.
Crypto Is No Longer a Fringe Topic
Crypto has experienced a monumental shift within the financial landscape over the past few years. And it’s now being factored into international trade, primarily because of its lower transaction costs and faster payment processing.
This year, the crypto market is expected to exceed $2 trillion, and it’s continuing to attract new players and digital currencies, eager to capitalize on these opportunities.
However, with all the clear advantages that crypto offers—security, faster payments, and lower transaction costs—there is still that proverbial elephant in the room: Its unpredictability in the marketplace presents real challenges that can translate into serious losses.
Adding to these challenges are the constant threats of regulation from governments around the world, as many fear that cryptocurrencies could be the gateway to illicit activities.
While there’s still much to work out within the crypto landscape, there’s no doubt that crypto has made its mark on the financial landscape. And the government of Shanghai sees the opportunity of crypto and has already placed big bets on it.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.fintechnews.org/shanghai-to-fully-implement-blockchain-infrastructure-by-2025/
- :has
- :is
- :not
- 2019
- 2025
- a
- across
- activities
- advantages
- All
- already
- an
- and
- applications
- ARE
- around
- AS
- At
- attract
- BE
- because
- becoming
- been
- being
- Bets
- Big
- blockchain
- blockchain technology
- build
- but
- by
- CAN
- capitalize
- carbon
- Carbon Reduction
- cases
- chain
- challenges
- China
- Chinas
- chinese
- clear
- CoinGeek
- collaboration
- considered
- constant
- continuing
- Costs
- could
- crypto
- crypto landscape
- Crypto Market
- cryptocurrencies
- cryptocurrency
- currencies
- decentralized
- Decentralized Applications
- developed
- Development
- digital
- digital currencies
- Director
- doubt
- eager
- effort
- efforts
- elephant
- encourage
- Ether (ETH)
- example
- expected
- experienced
- factored
- faster
- fear
- few
- finance
- financial
- five
- Focus
- For
- from
- fully
- gateway
- Government
- Governments
- groundwork
- Have
- he
- HTTPS
- illicit
- implement
- in
- Incentives
- Including
- Infrastructure
- Initiative
- Innovation
- interest
- interested
- International
- International Trade
- into
- investment
- IT
- ITS
- Javelin Strategy & Research
- jpg
- keeping
- landscape
- lay
- longer
- looking
- losses
- lower
- made
- many
- mark
- Market
- marketplace
- monumental
- more
- much
- New
- no
- now
- of
- on
- ONE
- ongoing
- opportunities
- Opportunity
- order
- organizations
- out
- over
- overall
- past
- payment
- payment processing
- payments
- plans
- plato
- Plato Data Intelligence
- PlatoData
- players
- presents
- primarily
- processing
- Programs
- real
- reduction
- Regulation
- research
- research and development
- Room
- Said
- sees
- serious
- setting
- shanghai
- shift
- Sights
- significant
- since
- Still
- Strategic
- Strategy
- supply
- supply chain
- supply chain finance
- support
- Talent
- Technology
- test
- that
- The
- The Initiative
- the world
- There.
- These
- threats
- to
- top
- trade
- transaction
- transaction costs
- translate
- use
- various
- ways
- will
- with
- within
- Work
- work out
- world
- year
- years
- zephyrnet
More from Fintech News
FinTech Innovation: A Balancing Act Between Disruption and Regulation
Source Node: 2291623
Time Stamp: Sep 25, 2023
How Does Paper Trading Differ From Trading On A Real Account?
Source Node: 2093283
Time Stamp: May 13, 2023
Labaton Sucharow Announces New Partners and Of Counsel for 2024
Source Node: 2425726
Time Stamp: Jan 2, 2024
Martin County REALTORS® of the Treasure Coast Selects Remine Pro and SSO Dashboard
Source Node: 1076362
Time Stamp: Sep 15, 2021
Traffic Management Systems Market Forecasted to Reach $50.20 Billion by 2030 with High-Growth in Asia-Pacific Region – ResearchAndMarkets.com
Source Node: 2448733
Time Stamp: Jan 19, 2024
Research: the global market for behavioural biometrics is anticipated to top US$ 9 Bn by 2031
Source Node: 1877041
Time Stamp: Oct 4, 2021
Ethereum is lagging behind because these fresh Alts are more attractive
Source Node: 2533045
Time Stamp: Apr 2, 2024