The draft regulations developed by China’s Ministry of Industry and Information to strengthen the requirements for the development of blockchain technology by the year 2025 is evidence of China’s increased attention to blockchain technology. Despite China’s negative attitude towards virtual currencies, the country’s government is actively encouraging the development of its financial technology sector, especially in digital sectors such as blockchain.
The People’s Republic of China has established the year 2025 as the target date for the completion of a number of technological advances, including the development of blockchain and distributed ledger technology. This deadline was included in the “National Economic and Social Development and Vision 2035 of the People’s Republic of China.” The draft rules were made available on the ministry’s website, along with a request for feedback on the topic from “people from all walks of life”.
The purpose of these rules is to make the degree of design of China’s blockchain and distributed financial technology standard system more transparent. The deadline for comments from the general public on the draft has been extended to 28 April.
This is not the first time China has shown interest in blockchain technology. Plans for a national blockchain research center were announced by the government in February. The center’s purpose is to bring together blockchain-related businesses, developers and academic institutions to research fundamental blockchain technologies and expand the blockchain industry.
According to a national white paper, China’s blockchain industry currently consists of over 1,400 different companies. Nevertheless, despite claiming to account for 84% of all blockchain applications submitted globally, only 19% of all applications submitted were approved.
Although maintaining a wariness of cryptocurrencies, China continues to place significant emphasis on blockchain technology. This demonstrates China’s dedication to the development of its fintech industry. Along with other digital industries, such as communication equipment, core electronic components and key software, the country is targeting the blockchain as a potential growth area for business. China has high hopes that it will be able to increase the overall quality and power of its blockchain industry if it follows through on its plans to prepare its blockchain technology standard system by the year 2025.
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