The government in China hopes to improve industry development standards by actively pursuing breakthroughs in the blockchain sector.
Notwithstanding the nation’s position on cryptocurrencies, Chinese officials have been actively growing their fintech industry, with a heavy concentration on blockchain technology.
The Chinese fintech industry’s watchdog, the Ministry of Industry and Information Technology, declared on March 28 that it would raise the bar for the advancement of blockchain technology by 2025.
The details are from a draft of the ministry’s rules that was made available online, along with a request for public feedback on blockchain development from “all areas of life.”
The public will have until April 28 to provide any additional feedback on the draft before China clarifies the level of design for its blockchain and distributed ledger technology standards system sometime this year.
The People’s Republic of China’s 5-year “National Economic and Social Development and Vision 2035” plan, which set a 2025 target for several technological advancements, is consistent with this progression.
These advances include blockchain, which is cited as a goal to “become stronger, and the quality of such industries as communications equipment, core electronic components, and vital software will be strengthened” in the digital industries.
China made plans for a brand-new national blockchain research center public in February. The center’s mission is to link Chinese academics, developers, and blockchain companies in order to conduct research on fundamental blockchain technologies and promote industry growth.
In September 2022, the Chinese government estimated that the country makes up roughly 84% of all blockchain applications filed worldwide. Yet it was discovered that only 19% of all submitted applications were accepted.
Nonetheless, there is a thriving blockchain industry in China. China’s blockchain business is home to more than 1,400 companies, according to a national white paper.
