Beijing doubles down on blockchain for industrial development

June 8, 2021

China’s Ministry of Industry and Information Technology (MIIT) has published proposals to promote and boost the development of blockchain technology across the country’s economy.

China should “promote the deep integration of blockchain and economy and society and accelerate the promotion of blockchain technology for application and industrial development,” according to a document written May 27 and published Monday.

The ministry and the commission said in the document that the country’s blockchain development should be among the world’s most advanced by 2025, and that they aimed to cultivate 3-5 leading internationally competitive enterprises and build the same number of industry clusters dedicated to blockchain.

China is currently one of the world’s leading countries in terms of digital currency. In order to popularise the currency, it is planning to distribute the e-yuans to residents of Shanghai during the next week’s Dragon Boat Festival. It has previously distributed the currency in Shenzhen and Beijing.

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