China maintains an anti-crypto stance, but it remains very active in the development of blockchain technology. In this regard, a national white paper revealed that more than 1,400 blockchain companies operate in the country. In fact, Chinese authorities have used the new technology to more actively develop their fintech industry. Over time, China has made notable strides in the blockchain industry. Also, the government recently indicated that the country intends to continue in this direction.
China aims for a better level of development for its blockchain sector
China, which may soon reconsider its crypto ban, recently released draft guidelines. The publication was made this March 28 on the website of the Ministry of Industry and Information Technology. China’s fintech industry watchdog has indicated its intention toimprove national standards on blockchain technology. It intends to work with the public to successfully achieve this goal by 2025. To this end, the Chinese people have been invited to make their contributions to the project by April 28.
The Chinese government’s project is part of a five-year plan. The latter concerns thenational economic and social development and the 2035 vision of the People’s Republic of China“. In this plan, China has indicated that it plans to carry out certain technological developments until 2025 at the latest. These include the digital industries that blockchain technology will empower.
In its project, China plans to improve the quality of various technological tools. These include communications equipment and key software. The quality of the basic electronic components will also be improved.
In September 2022, the government revealed that approximately 84% of blockchain applications filed worldwide originated from China. However, it turned out that only 19% of all applications filed received approval. Also, during the month of February, China announced plans regarding blockchain technology. These aimed to launch a new national center for blockchain research. The center is expected to foster the collaboration of Chinese universities, developers and blockchain companies for the expansion of the industry. In sum, the adoption of crypto in China has evolved a lot in areas like blockchain and the metaverse where the country could take the lead.
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