China Sets High-Level Guidelines to Promote Blockchain Development

China Sets High-Level Guidelines to Promote Blockchain Development

China’s Ministry of Industry and Information Technology has set high-level guidelines dedicated to promoting blockchain development in the country.

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The Ministry of Industry and Information Technology (MIIT), together with the Central Cyberspace Affairs Commission, has published new guidelines to “accelerate blockchain technology applications and industrial development”.
The guidelines set new long-term goals for building blockchain companies and applications that can power different sectors of the country’s economy as part of Chinese President Xi Jinping’s Digital China strategy.
Critical tasks under MIIT’s guidelines include applying blockchain technology to improve public services, protecting digital intellectual property, and increasing government data sharing and transparency.
Local governments will support both politically and economically for the implementation of the directives. These supports include building blockchain industry parks, providing tax benefits for blockchain startups, and funding to incentivize talent in the blockchain technology space.

China seems to be reshaping the “blockchain yes to crypto” narrative. It was noteworthy that the guidelines came after a recent comment at a government committee meeting about crashing Bitcoin trading and mining activities.
More than two dozen crypto influencers and blockchain media outlets suspended their accounts on Chinese social media Weibo following the rumors. Most of the suspended accounts included terms like Bitcoin, BTC or cryptocurrency.

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