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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

China's Ministry of Industry and Information Technology Outlines Proposals for Blockchain Development

China should "promote the deep integration of blockchain and economy and society and accelerate the promotion of blockchain technology for application and industrial development."

Jun 7, 2021 at 1:07 p.m. UTC
Updated Sep 14, 2021 at 1:07 p.m. UTC

China's Ministry of Industry and Information Technology (MIIT) has outlined its proposals to accelerate the application and development of blockchain technology across the country's economy and elsewhere.

The MIIT has put forward its proposals in accordance with President Xi Jinping's "Socialism With Chinese Characteristics for a New Era".

China should "promote the deep integration of blockchain and economy and society and accelerate the promotion of blockchain technology for application and industrial development," according to a document written May 27 and published Monday.

The MIIT suggested that blockchain could enhance the real economy by improving supply chain management, product traceability, data sharing and more.

However, blockchain would also be used to improve the collection of data for the purposes of judicial deposit, real estate registration and law enforcement.

China's development of a central bank digital currency (CBDC) is well known, with its digital yuan, or eCNY, currently being piloted in numerous cities.

The proposals published by the MIIT also reveal the extent to which the CCP believes blockchain itself can be applied to the development of its country's economy.

DISCLOSURE

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