Chinese officials have been actively developing the fintech industry, with a strong focus on blockchain technology, despite their strict stance on cryptocurrencies.
On March 28, the Ministry of Industry and Information Technology (MIIT), the watchdog of China’s fintech industry, said it would increase standards for the development of blockchain technology by 2025.
The information comes from a draft guideline published on the ministry’s website, which also asks for public opinion on blockchain development from “all layers.”
China plans to have clarification on the design level for its blockchain and distributed ledger technology standard system this year, giving the public until April 28 to make further input on the draft.
This development is in line with China’s 5-year plan for “National Economic and Social Development and Vision 2035 of the People’s Republic of China,” which sets a deadline of 2025 for the development of certain technologies.
The development includes the digital industry, where blockchain is listed as a target “to become stronger, and the quality of industries such as communication equipment, core electronic components, and key software will be improved.”
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In February, China announced plans for a new national blockchain research center. The center aims to connect Chinese universities, blockchain developers and businesses to research core blockchain technology to drive industrial expansion.
In September 2022, the Chinese government stated that the country created about 84% of all blockchain applications filed worldwide. However, it was revealed that only 19% of all applications submitted received approval.
However, China’s blockchain industry is active. According to the national white paper, China currently has more than 1,400 companies working in the blockchain industry.
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