Ethereum’s powerhouse has signed a memorandum of understanding (MoU) with the Xiongan government on utilizing blockchain technology.
“As one of our first major projects in the People’s Republic of China, we are excited to help define the many ‘use cases’ that could benefit from the trust infrastructure enabled by ethereum technology,” Joseph Lubin, ConsenSys’ founder, said.
Details are sparse, but Xiongan is a planned new special economic zone announced by China’s president Xi Jinping in April last year.
They plan to turn a backwaters area in central China into a dream city with some 67 million people potentially moving there as well as billions in investment.
Xiongan’s development is under the direct oversight of the Central Committee of the Communist Party of China and the State Council, suggesting China’s government is keen to utilize blockchain tech despite their Central Bank banning crypto exchange.
Whether a u-turn by government intervention is in sight remains to be seen, but where blockchain tech is concerned ConsenSys says the Xiongan government and the eth tech company will:
“Follow with agreements addressing different aspects of this innovative multi-faceted initiative, and establish Xiongan as a next-generation smart city and a leading blockchain innovation hub.”