The Chinese government has been proactively pursuing advancements in its blockchain sector and aims to upgrade its industry development standards by 2025.
Chinese authorities have launched fintech companies that are actively working on blockchain technology, despite the country’s stance on cryptocurrencies.
On March 28, the Ministry of Industry and Information Technology, which oversees China’s fintech industry, said it plans to improve standards for its blockchain technology development by 2025. This information comes from its instruction sheet posted on the information website, which also calls for public opinion on blockchain development from “all aspects of life.”
China hopes to clarify the regulatory level of its blockchain and distributed technology standards by this year, giving the public until April 28 to add more input and input.
This development is in line with China’s five-year plan for “National Economic and Social Development and the People’s Republic of China Vision 2035”, which has set a deadline of 2025 for certain technological developments. These developments include the digital industry, in which blockchain is listed as a goal to “increase the power, the quality of industries such as communication equipment, basic electronic equipment and essential software will be improved.”
In February, China announced plans to establish a new national blockchain research institute. The center seeks to connect Chinese universities, developers and blockchain companies to explore key blockchain technologies to promote industry expansion.
In September 2022, the Chinese government said that the country has up to 84% of all blockchain applications filed worldwide. However, it was revealed that only 19% of all applications submitted were approved. However, China’s blockchain industry is working. According to the country’s white paper, China has more than 1,400 companies working on its blockchain industry.
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