Shanghai's government intends to build an urban blockchain digital infrastructure system from 2023 to 2025 to support the city's digital transformation. This effort seeks to expand the use of blockchain in the economy, public sector, and urban governance.
Once finished, the urban blockchain system will serve municipal affairs, public services, and applications in various regional businesses. It will also act as an international blockchain exchange hub and facilitate the coordination of blockchain resources in the Yangtze River Delta region.
In addition to these efforts, China is introducing its central bank digital currency (CBDC), the digital yuan, in several locations. These initiatives are expected to spur additional economic growth and cement China's status as a global leader in technology and innovation.
