China Formalizes Goal to Build National Blockchain Network by 2030
Summary
- China has formalized a goal of largely completing a national blockchain network by 2030.
- The plan includes expanding blockchain use across sectors including trade, finance, manufacturing and agriculture, while also strengthening blockchain technology standards and its use in data circulation and trading.
- China has banned all business activity related to virtual assets while continuing to support blockchain as a strategic national industry and call for greater investment in blockchain.
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China has formalized plans to largely complete a national blockchain network by 2030, Cointelegraph reported on October 23.
The Central Cyberspace Affairs Commission, the Chinese Communist Party’s top digital policy body, set out the goal in its 15th Five-Year National Informatization Plan, according to the crypto news outlet.
The plan includes expanding blockchain use in trade and finance in the Yangtze River Delta. It also calls for large-scale blockchain adoption in manufacturing and agriculture in southwestern regions including Chengdu and Chongqing. Strengthening blockchain technology standards and broadening its use in data circulation and trading were also listed as key tasks.
The five-year plan clarifies completion targets for projects already included in China’s national development blueprint released in March. Earlier policy guidance jointly issued by the Communist Party leadership and the State Council had also called for building the network.
China has banned all business activity related to virtual assets, while continuing to support blockchain as a strategic national industry. President Xi Jinping called for greater investment in blockchain in 2019 and described it as a key area for strengthening China’s technological self-reliance.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.