China Launches 100K TPS Blockchain; Japan’s Minna Bank Explores Solana
Beijing Champions Chang’an Chain as a Key to Digital Sovereignty
Chang’an Chain: A State-Backed blockchain Solution
Beijing’s state media is promoting Chang’an Chain, a domestically developed blockchain infrastructure that addresses China’s critical issue of digital sovereignty. A feature on Qianlong.com highlights the efforts of researcher Dong Jin and his team, who have created a fully open-source blockchain stack supported by the state, now integral to various national digital initiatives. Despite being relatively obscure outside of China, Chang’an Chain has undergone 21 updates over six years and boasts the capability to process over 100,000 transactions per second—a target often pursued by advanced blockchains aiming to rival traditional financial systems.
This blockchain is reportedly utilized in China’s comprehensive real estate registration framework and by businesses to digitize supply contracts, enabling banks to confirm supplier connections and expedite loan approvals.
A Shift in Messaging Amidst Crypto Lobbying
This profile emerges as major Chinese tech firms advocate for the ability to issue yuan-backed stablecoins in Hong Kong. However, Beijing appears to convey a contrasting message domestically. Notably, the Qianlong article omits any mention of cryptocurrencies or stablecoins, instead emphasizing the Chinese government’s vision of blockchain as a state-controlled framework for secure data exchange, rather than a platform for digital currencies or speculative trading.
The Regulatory Landscape: A Contrast Between Regions
While Hong Kong is advancing its crypto regulations to establish itself as a regional hub for digital assets, mainland China maintains its prohibition on cryptocurrency trading, mining, and exchanges. The recent resurgence in global cryptocurrency markets has sparked speculation about a potential policy change, yet Beijing has remained steadfast in its stance.
Support for state-sponsored blockchains in mainland China has been consistent. In 2019, President Xi Jinping designated blockchain as a national priority, labeling it a “core breakthrough technology.” Although blockchain is not included among the seven “frontier technologies” in the 14th Five-Year Plan—alongside AI, quantum computing, and brain-computer fusion—it continues to play a vital role in China’s broader digital strategy, particularly in finance, governance, and supply chain management. The development period for this plan concludes in December, with a final performance review scheduled for March 2026 during the National People’s Congress.
Addressing Quantum Threats to blockchain Security
Quantum computing, a prioritized frontier technology, poses a potential risk to the security of blockchain and Bitcoin due to its ability to undermine cryptographic encryption. Recently, the South China Morning Post reported that Chinese researchers have developed a blockchain storage solution capable of withstanding quantum computer attacks.
Japan Explores Stablecoin Opportunities with Solana
In Japan, Minna Bank, a digital-only financial institution, has initiated a collaborative study with Solana Japan, Fireblocks, and TIS Inc. to investigate the issuance of stablecoins and the integration of Web3 wallets. This study aims to explore the potential for stablecoins on the Solana blockchain, with applications that may include tokenizing real-world assets like bonds and real estate, facilitating cross-border payments, and enhancing digital wallet-based financial services.
This initiative aligns with global trends, particularly in the U.S. and Europe, where institutions are actively examining stablecoin regulations and the tokenization of real-world assets. Japan has been proactive in establishing a legal framework for fiat-backed stablecoins, following revisions to the Payment Services Act that took effect in June 2023.
Indonesia’s Crypto Exchange Goes Public
Indokripto Koin Semesta has made history as the first licensed cryptocurrency exchange in Indonesia to go public, listing on the Indonesia Stock Exchange under the ticker COIN, mirroring Coinbase’s symbol on Nasdaq. The company’s shares surged by 35% on their debut on July 9.
Indokripto is the parent organization of Central Financial, a licensed crypto exchange, and Kustodin Koin Indonesia, a digital asset custodian. Often overlooked in global discussions, Indonesia plays a significant role in cryptocurrency adoption, ranking third in Chainalysis’ Global Crypto Adoption Index for 2024 and first in DeFi value received. Earlier this year, Indonesia appointed the Financial Services Authority (OJK) as the official regulator for crypto assets, with only one exchange currently holding a crypto license.
Conclusion
As the landscape of blockchain and cryptocurrency continues to evolve, both China and Japan are positioning themselves strategically within the digital economy. While China emphasizes state-controlled blockchain solutions, Japan is exploring innovative financial technologies, reflecting the diverse approaches nations are taking in the realm of digital assets.
