Chinese officials have been actively developing its fintech industry, with a strong focus on blockchain technology, despite their stringent stance on cryptocurrencies.
The Chinese fintech industry's watchdog, the Ministry of Industry and Information Technology (MIIT), declared on March 28 that it intended to raise standards for the advancement of blockchain technology by 2025.
The details come from a draft of the ministry's rules that was made available online, along with a request for public feedback on blockchain development from "all walks of life."
The public will have until April 28 to provide any additional feedback on the draft before China clarifies the level of design for its blockchain and distributed ledger technology standards system sometime this year.
This breakthrough is consistent with China's five-year plan for "National Economic and Social Development and Vision 2035 of the People's Republic of China," which established the year 2025 as the target for a number of technical advancements.
Digital industries are one of these advances, and blockchain is identified as a target to be "developed stronger," along with the quality of other sectors like communications equipment, core electronic components, and important software.
China made plans for a brand-new national blockchain research center public in February. The center's mission is to link Chinese academics, developers, and blockchain companies in order to conduct research on fundamental blockchain technologies and promote industry growth.
The Chinese government asserted in September 2022 that 84% of all blockchain applications submitted globally come from China. Yet it was discovered that just 19% of all submitted applications were accepted.
Nonetheless, there is a thriving blockchain business in China. A government white paper claims that China presently has over 1,400 businesses engaged in the blockchain sector.