Chinas blockchain industry set to get a major boost by 2025The Chinese Ministry of Industry and Information Technology (MIIT) has announced plans to enhance its blockchain technology development standards by 2025, according to a draft of guidelines published on its website.
The watchdog has also invited public feedback on the matter from “all walks of life”. This move aligns with China’s 5-year plan, which emphasizes the development of digital industries and names blockchain as a crucial area for expansion.
The Chinese government aims to improve the quality of its communications equipment, core electronic components, and key software, and plans to clarify its blockchain and distributed ledger technology standards system later this year.
China has recently unveiled its plans to establish a national blockchain research center in February 2023. The primary objective of this initiative is to facilitate collaboration between Chinese universities, developers, and blockchain enterprises to conduct research on fundamental blockchain technologies.
The ultimate goal is to drive the growth of the blockchain industry in China. China is making strides to maintain its position as a leader in the blockchain industry with the introduction of this latest development.
The state of China’s blockchain industry
China currently has over 1,400 companies operating in its blockchain industry, according to a national white paper. Additionally, in September 2022, the Chinese government claimed that the country accounts for approximately 84% of all blockchain applications filed around the world.
However, only 19% of these applications received approval, according to the same report. The Ministry of Industry and Information Technology (MIIT) has opened up a window for public feedback on its guidelines for blockchain development.
The draft guidelines are open for review until April 28, 2023, and the MIIT is welcoming input from all parties interested in the blockchain industry.
In a move to bolster the blockchain industry in China, guidelines have been introduced to implement the “Guiding Opinions on the Application of Blockchain Technology and Industrial Development.” These guidelines are expected to serve as a robust standard to aid the growth of the blockchain sector in the country.
Implications for the blockchain industry
The updated standards proposed by the MIIT will provide a much-needed boost for China’s blockchain industry, promoting growth and facilitating innovation.
It could also make China a leader in the development of blockchain technology standards, providing new opportunities for the industry to flourish in the country.
The move is also significant for the global blockchain industry, as China has been a dominant player in the market for many years. The new guidelines could spur the industry’s growth not only in China but worldwide.
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