Huobi joins blockchain alliance led by the Chinese government

Seychelles-based crypto exchange seeks rapprochement with Beijing

                                

The Chinese branch of the Seychelles-based Huobi Group has announced its membership in the Blockchain-Based Services Network Development Alliance (BSN).

One of Asia’s leading cryptocurrency exchanges, Huobi has attempted to maintain a business presence in China since Beijing banned cryptocurrencies in 2017. Instead it has sought to rebuild its reputation in the mainland as a blockchain services provider.

Its first step in patching up its relationship with the Communist Party of China (CCP) occured in 2018 when it established a CCP branch in Beijing Lianhuo Information Services, its local blockchain subsidiary.

In September it announced its new China headquarters in Hainan province. However, membership of the BSN is the final confirmation of Huobi’s readmission into the fold of state favoured Chinese companies. It joins in the alliance alongside China UnionPay, the Chinese equivalent of Visa, WeBank, which is owned by Chinese tech giant Tencent, China Merchants Bank International and two state-backed telecom giants China Telecom and China Mobile.

The BSN aims to provide a blockchain infrastructure services platform that can bridge different blockchain networks, regions, and institutions. It is led by the State Information Center (SIC), a think tank affiliated with the National Development and Research Commision, China’s highest central planning agency,

China has sought to be at the vanguard of the development and implementation of blockchain technology. In October president Xi Jinping stated in a Politburo study session that blockchain would play “an important role in the next round of technological innovation and industrial transformation.”

FURTHER READING: 42% of blockchain employees work for crypto exchanges

FURTHER READING: China and Hong Kong to partner on new blockchain-based trade finance platform

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image