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Despite Cryptocurrency Curbs, China Backs Underlying Technology

By Liu Xiao
The government research institution behind the initiative to advance blockchain technology is also preparing a platform on which companies and experts will work together to come up with more applications for blockchain technology. Photo: Visual China
The government research institution behind the initiative to advance blockchain technology is also preparing a platform on which companies and experts will work together to come up with more applications for blockchain technology. Photo: Visual China

Despite a sweeping ban on cryptocurrency fundraising and trading, China is still a staunch believer in blockchain, the underlying technology of cryptocurrencies.

The China Academy of Information and Communications Technology (CAICT), a research institution under the Ministry of Industry and Information Technology, on Tuesday launched the Trusted Blockchain Open Lab, the first government-led initiative to support blockchain technology development.

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