During the Hangzhou Summit 2023 in Hangzhou, China, government officials unveiled a new data exchange powered by blockchain technology. More than 300 companies including Alibaba Cloud and Huawei participated in the exchange’s initial launch.

According to local media reports on August 23, the new Hangzhou Data Exchange will Promote The use of distributed ledger technology for the transaction of enterprise information technology data. The platform will ensure the immutability and traceability of transactions on the exchange, officials said. Chen Chun, director of the Blockchain and Data Security National Laboratory, said:

“(Hangzhou Data Exchange) uses scientific 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.”

By 2022, the scale of Hangzhou’s digital economy industry will exceed 500 billion yuan ($69 billion), accounting for nearly 27 percent of the city’s gross domestic product.

Despite a crackdown on private blockchain ventures for much of this year, China remains a staunch supporter of government-controlled blockchain projects.

Speaking at the opening of the Shanghai Cooperation Organization (SCO) meeting in 2023, Chinese President Xi Jinping said that central bank digital currencies (CBDCs) could play an important role in “expanding the share of local currency settlements in SCO countries.” More recently, a digital yuan CBDC worth more than 100 million yuan ($13.8 million) Airdrops to Chinese residents to stimulate domestic consumption.

That said, not all initiatives have gone well. On December 28, 2022, Cointelegraph reported that the country was said to be in the final stages of launching a national non-fungible token exchange, CDEX. As of publication time, the platform is still under development.

Magazine: The Real Cause of China’s Cryptocurrency War, 3AC Judge’s Embarrassing Mistake