Even though they are not yet fully open with cryptocurrencies, the Chinese government still plays a role in adopting the latest technology. This is supported by the fact that as early as January 2023, China has launched its national NFT marketplace. And recently, China was rumored to be the country leading the Metaverse technology during 2023.
It doesn’t stop there, Cointelegraph (28/3/23) said that China intends to improve the national blockchain standard in 2025. What do you think it will be like?
China Intends to Improve National Blockchain Standards
According to Cointelegraph, despite China’s firm stance on crypto, Chinese officials have in fact been actively developing the fintech industry, with a strong focus on blockchain technology. On March 28, 2023, the Ministry of Industry and Information Technology, which is tasked with overseeing the fintech industry in China, said that it intends to raise the bar for blockchain technology development by 2025.
Not just hearsay, this information comes from draft guidelines that are published directly on the ministry’s website, in order to solicit public opinion on blockchain development from all walks of life.
According to the draft uploaded, China plans to provide clarification at the design level for blockchain and distributed ledger technology standard systems by 2023. In this regard, the government has given the public time to provide further input on the draft until April 28, 2023.
Also read: Beating Men, 76% of Women in Singapore Succeed in Earning from Crypto Trading
Furthermore, this development is in line with China’s 5-year plan entitled “National Economic and Social Development and the 2035 Vision of the People’s Republic of China,” which sets a deadline of 2025 for certain technological developments.
So, how has Blockchain developed in China so far?
Blockchain development in China
According to the report, this development falls under the digital industry category, where blockchain is listed as a target to grow stronger. Not only that, blockchain also includes industrial quality such as communication equipment, core electronic components, and key software that needs to be upgraded.
Previously, in February 2023, China had announced plans to set up a new national blockchain research center. The center aims to connect blockchain universities, developers, and businesses in China to research core blockchain technologies to drive industry expansion.
And in September 2022, the Chinese government claims that this country makes around 84% of all blockchain applications submitted worldwide. However, the report revealed that only about 19% of all submitted applications received approval.
Nonetheless, China’s blockchain industry is notoriously active. According to the national white paper, China has more than 1,400 companies operating in the blockchain industry. Last year, the South China Morning Post through a YouTube video also said that the development of blockchain in China has driven changes in several cities in the country. On the other hand, some time ago, it was reported that China was secretly concerned about crypto through Chinese officials who often made visits to Hong Kong to find out about crypto developments.
