China orders development of national blockchain network in economic blueprint: Here’s why
In this news:
Key takeaways
- Beijing is planning a national blockchain network under state control.
- China continues to separate blockchain technology from banned cryptocurrencies.
- The proposed network aims to give authorities greater control over data flows.
Beijing is reportedly moving to centralize blockchain infrastructure under state control as an integral component of a broader digital economy strategy.
The initiative appears to be part of a broader campaign to expand digital infrastructure under government direction. At present, details regarding the network’s precise boundaries and timeline are omitted from early reports.
China separates blockchain from cryptocurrency
China has long differentiated between blockchain technology and cryptocurrency. Beijing banned cryptocurrency trading and mining years ago but now officials have promoted blockchain as a key tool for data management, supply chain tracking and government services.
The latest report underscored that a national blockchain network under government oversight would allow Chinese authorities to control data flows. This system would stand in stark contrast to public and permissionless blockchains used for Bitcoin and Ethereum.
Development alongside the digital yuan
The significant move comes as China continues to develop its central bank digital currency, yuan. Blockchain infrastructure projects are primarily discussed by Chinese officials though the digital yuan itself does not rely on an open blockchain in the way decentralized cryptocurrencies do.
Cryptocurrency markets have historically had a muted reaction to Chinese blockchain infrastructure announcements since such projects are typically insulated from public crypto trading and token markets. Nonetheless, investors particularly operating in the Chinese market may watch for further crucial details on strategic network development.
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