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- Over 300 companies participated in the launch of the exchange.
- China has consistently supported government-led blockchain projects.
During the 2023 Hangzhou Summit in Hangzhou, China, officials from the Chinese government unveiled a new data exchange powered by blockchain technology. Over 300 companies participated in the launch of the exchange.
As reported by local news sources in Hangzhou on August 23, the newly established data exchange will leverage distributed ledger technology to facilitate the trading of IT data among businesses. It was revealed that the platform will enable trades that are both irreversible and auditable.
Chen Chun, head of the National Laboratory for Blockchain and Data Security, remarked:
“[The Hangzhou Data Exchange] utilizes research blockchain, privacy computing and other technologies to realize trusted sharing and effective use of data across departments and regions under data security and privacy protection.”
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Banking on CBDC
The digital economy sector in Hangzhou accounted for roughly 27% of the city’s GDP in 2022, surpassing $69 billion. China has been a staunch supporter of government-controlled blockchain initiatives, despite its stringent measures against private blockchain enterprises for an extended period.
Chinese President Xi Jinping highlighted the significance of CBDC during the opening ceremony of the 2023 SCO Conference. Additionally, CBDC valued at over $13.8 million was recently distributed to Chinese citizens to stimulate domestic consumption.
Nonetheless, not all initiatives have met with success. The nation’s official NFT exchange, CDEX, was reported to be close to launching on December 28, 2022. As of this writing, the platform remains in development.
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