Despite the country’s stance on cryptocurrencies, officials from China have been actively developing their fintech industry, with a strong focus on blockchain technology.
Improving standards of blockchain technology
On March 28, China’s Ministry of Industry and Information Technology, which oversees China’s fintech industry, announced that it plans to improve standards for blockchain technology development by 2025.
The ministry has draft guidelines published on its website and solicits public feedback on blockchain development from all walks of life.
China plans to clarify the level of design for its blockchain and distributed ledger technology standard system later this year. The public has until April 28 to provide further input on the design.
China’s Five Year Plan
This development, in turn, is in line with China’s five-year plan for the “National Economic and Social Development and Vision 2035 of the People’s Republic of China”, which sets a deadline of 2025 for specific technological developments.
These developments include digital industries with blockchain cited as one of the goals to “get stronger” while improving the quality of sectors such as communications equipment, core electronic components and essential software.
Also, China announced a little over a month ago that they want to launch a new national blockchain research center later this year. The center aims to connect Chinese universities, developers and blockchain companies to explore foundational blockchain technologies to drive industry expansion.
The blockchain industry in the country is very active as a slot. According to a national white paper, China currently has more than 1,400 companies operating in the blockchain industry.