China has taken an active interest in fostering its fintech industry and promoting blockchain technology, despite its negative stance on cryptocurrencies. The Ministry of Industry and Information Technology, which oversees the Chinese fintech industry, announced plans to enhance its blockchain technology standards by 2025 on March 28, 2023.
In a draft of guidelines published on the ministry’s website, China aims to establish clear standards for its blockchain and distributed ledger technology system. The ministry has also called for input from people from all backgrounds on blockchain development, with the deadline for all submissions set for April 28, 2023.
The move is consistent with China’s 5-year plan for National Economic and Social Development and Vision 2035 of the People’s Republic of China, which outlines a target for particular technological advancements by 2025. Blockchain is one of the growth targets for the digital industry, as well as improving the quality of other industries like communications equipment, core electronic components, and critical software.
China revealed its intention in February 2023 to establish a national research centre for blockchain. The Blockchain National Innovation Center, as it was called, will be under the supervision of the Microchip Research Institute. The centre’s primary objective is to facilitate collaboration between Chinese universities, developers, and blockchain enterprises to advance core blockchain technologies and foster the industry’s growth.
On March 27, 2023, reports emerged that the Bank of China Ltd., the Shanghai Pudong Development Bank, and the Bank of Communications Co. have either initiated contact with, or begun providing banking services to cryptocurrency companies in Hong Kong.
The report added that this development is noteworthy because the Chinese crypto industry has faced challenges accessing standard banking services, such as opening accounts to pay employees and suppliers, due to China’s existing ban on cryptocurrency.
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