Chinese Ministry of Industry and Information technology (MIIT) has outlined its proposals to expedite the application and development of blockchain technology across the country. A plan to make China blockchain industry first in the world by 2025. By 2030 the blockchain industry scale will expand.
The proposal has been put forward by MIIT in accordance with President Xi Jinping’s “Socialism with Chinese Characteristics for a New Era.”
The MIIT suggested, Blockchain is an important part of the new generation of information technology. It could enhance the real economy by improving supply chain management, product traceability, data sharing, and more.
According to the Ministry of Information, technology blockchain is one leading innovation such as big data and artificial intelligence. It promotes blockchain integration with cloud computing, Artificial Intelligence (AI), and industrial internet, etc.
It aims to promote the development of blockchain technology in the construction of smart cities and create coordinated integration of government affairs systems with people. Blockchain will also improve the collection of data for the purpose of judicial deposit, real estate registration and law enforcement.
The document also suggests built-up international cooperation and exchange of the platform under the support of the “One Belt and One Road.”
China already started trials of its CBDC known as digital yuan or eCNY. Their progress on CBDC is well-known in the world. Recently, they decided to hand over $6.2 billion in digital yuan to Beijing residents in a lottery.