Chinese politicians are pushing for faster development of blockchain technology

One member of the Chinese parliament suggested during the last meeting that faster development of blockchain technology is necessary in China. China wants to accelerate work on blockchain infrastructure to support government services, supply chains and domestic trade. The development of blockchain technology is intended to help the economic development of the Middle Kingdom.

The development of blockchain technology connected to the Chinese economy

The politician behind the demands that make the development of blockchain technology a priority is Dong Jin. According to Jing, China should accelerate the development of national blockchain infrastructure to support the country in many different aspects. This information was reported by the state news agency China News Service. During his speech in the Chinese parliament, Jin added that China is building its economic growth on the digital economy, and the development of blockchain technology will help facilitate the circulation and exchange of data.

It is worth adding that Dong Jin currently manages the national blockchain research center in Beijing. The ministry is currently working on a blockchain-based system that will support industries such as maritime transport, energy, and supply chain finance. The lawmaker's proposal was submitted during the week-long meeting of the Chinese parliament, the most important annual political meeting in the country.

China is focusing on blockchain. What about cryptocurrencies?

According to official regulations, cryptocurrencies are still illegal in China. The September 2021 ban is still in force, but the Chinese government has shown great interest in blockchain technology and central bank digital currency. This is visible not only in the above-mentioned appeal by one of the deputies to the Chinese parliament, but also in the numerous activities of local authorities that are trying to promote blockchain technology among local businesses.

In May 2023, the Beijing authorities issued a White Paper aimed at improving the innovation and development of the Web3 industry in the country. Moreover, recently the government also established a special team to standardize the metaverse in China, which is expected to be one of the solid branches of the Web3 industry in the Middle Kingdom. It is worth adding that at the same time, there is no indication that the cryptocurrency ban will be loosened in any way, on the contrary, because the new amendment to the AML regulations will enter into force in 2025.