Chinese authorities have been actively developing their fintech industry, with a strong focus on blockchain technology, despite the country’s stance on cryptocurrencies.
On March 28, the Ministry of Industry and Information Technology, a watchdog for China’s fintech industry, said it intends to improve standards for the development of its blockchain technology by 2025.
The information comes from a draft of its guidelines posted on the ministry’s website, which also calls for public input on blockchain development from “all walks of life.”
China plans to have clarification on the design level of its blockchain standards system and distributed ledger technology sometime this year, giving the public until April 28 to make any additional input on the draft.
This progress 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 sets a deadline of 2025 for certain technological breakthroughs.
Such developments include the digital industries, where blockchain is listed as a target to “become stronger, and the quality of industries such as communications equipment, basic electronic components, and key software will be improved.”
In February, China announced plans for a new national blockchain research center. The center aims to connect Chinese universities, developers, and blockchain companies to research core blockchain technologies to fuel the expansion of the industry.
In September 2022, the Chinese government claimed that the country accounts for about 84% of all blockchain applications filed worldwide. However, it was revealed that only 19% of all submitted applications received approval.
Nonetheless, the Chinese blockchain industry is active. According to a national white paper, China has more than 1,400 companies operating in its blockchain industry.
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