The Office of the Central Cyberspace Affairs Commission and the Ministry of Industry and Information Technology have unveiled guidelines designed to accelerate the country’s adoption and use of blockchain technologies. The ministry set out plans encompassing four separate areas for adoption. The guidelines were published as part of an industrial development strategy that aims to drive uptake of new technologies around blockchain, which is seen as a key strategic aim of the Chinese government.
Blockchain will benefit finance, industrialization, and public services.
The position is in stark opposition to the state’s view on cryptocurrency, which has seen them effectively outlawed for use in the country, with the exception of China’s own digital yuan, which is progressing through various trial stages at pace. In setting out its vision for blockchain adoption, the MIIT paper describes the technology as “an important part of the new generation of information technology.” According to the document, the main areas set to benefit from blockchain tech lie in the economy, finance, industrialization, and public services.
China continues to crack down on cryptocurrencies.
Earlier, China had announced a crackdown on cryptocurrencies. China banned crypto mining in several regions over environmental concerns and to meet its carbon emissions targets. As reported earlier, Cryptocurrency miners, including HashCow and BTC.TOP, have halted their operations in China after authorities intensified a crackdown on bitcoin mining and trading. Earlier, Huobi Mall, a subsidiary of cryptocurrency exchange Huobi, said in a statement that it has suspended crypto-mining services to mainland Chinese clients and will focus on overseas businesses. Chen Jiahe, the chief investment officer of Beijing-based family office Novem Arcae Technologie, said that Crypto mining consumes a lot of energy, which runs counter to China’s carbon neutrality goals.