The cryptocurrency and blockchain space has received attention and limelight from all over the world. Every country and state is having a love or hate affair with crypto and its use cases. However, China has always made the headlines in relation to crypto and blockchain. China’s plans for the adoption of crypto and blockchain have altered from time to time.
Most recently, a circular has been issued by the office of the Central Cyberspace and Affairs Commission. The circular focused on the plans for blockchain in China. With this development, about 16 departments have now announced different pilots of national blockchain innovation and application. These departments are diversified, including the likes of Central Cyberspace and Affairs Commission.
China intends to pave the way for Blockchain
This new proposed program will lay the foundation for 15 comprehensive and 164 national pilots through 16 departments in China. The 164 national pilots will focus on 164 different fields, and these fields will be decided by the local and departmental recommendations. Through the projected program, every pilot unit will take the responsibility to come up with an efficient and sustainable program.
Each pilot will also focus on optimizing the business processes, reducing operating costs, and improving collaborative efficiency by building a trustworthy mechanism. The circular clearly stated that “Provincial cyberspace offices and industry supervisory departments in all regions should attach great importance to the pilot work of national blockchain innovation and application, and strengthen the organization and coordination, policy and financial support, work guidance, and implementation of the pilot work in the region.”
The circular guided the pilot units to focus on the requirements of the national industry supervisory departments in various fields. It was also directed that any region that fails to comply with the protocols and the procedure of the program shall have its pilot qualification terminated.
China has had its controversies with Bitcoin and other cryptocurrencies. However, the country has majorly emphasized its own digital currency, Digital Yuan. The masses are actively supporting and adopting digital yuan for payments. The transaction stats for digital yuan are massive.
At the same time, other crypto tokens are banned in the country. This will only aggravate the adoption of the digital yuan in the longer run. The issued circular might go a long way in deciding the fate of blockchain in the country. However, it still has a long way to go and prove its worth in the coming times.
