The Chinese government has been actively working on advancements in its blockchain sector and aims to upgrade its industry development standards by 2025. Despite the country’s position on cryptocurrencies, Chinese officials have been actively developing its fintech industry, with a strong focus on blockchain technology.
According to a draft guideline published on the website of the Ministry of Industry and Information Technology, a watchdog for the Chinese fintech industry, it intends to improve standards for its blockchain technology development by 2025. The document also calls for public opinion on blockchain development from “all walks of life”.
The Chinese government plans to clarify the level of design for its blockchain and distributed ledger technology standards system by the end of this year, with the public given until April 28 to provide 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 2025 deadline for specific technological developments.
By upgrading its blockchain standards, China aims to increase the efficiency, security, and transparency of its blockchain technology. This will help ensure the country’s leadership in the global blockchain industry and enhance its competitiveness in the technology sector.