China’s Office of the Central Cyberspace Affairs Commission and the Ministry of Industry and Information Technology (MIIT) have created a detailed roadmap for wider adoption of blockchain technology in the country.
MIIT’s agenda outlines specific guidelines that seek to accelerate the popularity of the technology and implement it in various industrial developments. According to MIIT, blockchain represents an “important part of a new generation of information technology”.
Moving forward, the ministry will look to implement blockchain in numerous areas, including big data, artificial intelligence, finance and other verticals of economic significance.
The ministry even wants to see blockchain implemented in public utilities and further push the development of novel tech in government services as well as create smart cities.
MIIT further emphasized the importance the immutability of blockchain technology, its traceability and transparency that allow for a more reliable collection of information.
MIIT said it believes that China’s ambitious “belt and road” trade plan can benefit immensely from the implementation of blockchain technology.
While such a document can be interpreted as a new hope for crypto tokens, the ministry made no mention of the wider adoption of digital assets. China has issued a fair warning to crypto miners and scaled up its crackdown operations.
Bitcoin miners in the country have begun shutting down and various sanctions have been imposed. China is interested in cryptocurrencies insofar as its own e-yuan or digital yuan is concerned, but it generally takes a dim view of private currencies such as bitcoin and ethereum, or even dogecoin.