China has a robust cryptocurrency culture, so much so that Emily Parker, reporting for the MIT Technical Review in December 2017, described the country as "The Silicon Valley of the East." As Bitcoin began emerging from obscurity in 2016, most bitcoin transactions were in China's native currency, the yuan.
China is also one of the world's most significant locations for Bitcoin mining, the energy-intensive and computationally exhausting process by which transactions are verified and logged in the blockchain, through which new bitcoins are generated.
Based in Singapore, Qtum is a blockchain platform that attempts to bridge the capabilities of the two most popular blockchains, Bitcoin and Ethereum.
Zhang Yunfan, the secretary general of the BTN Foundation, is equally aspirational in his hope that the research center will accelerate blockchain's commercialization abilities and lead to enterprise-ready blockchain solutions in the near future.
China is eager to build a national reputation for excellence in technology, and the center will help "raise China's authority in the blockchain," according to Mr.