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China maintains its “blockchain, not crypto” approach, with one government body issuing instructions to boost the use of tokenless blockchain technologies.
The Office of the Central Cyberspace Affairs Commission of China and the Ministry of Industry and Information Technology (MIIT) of China have identified four critical application areas for blockchain adoption.
The MIIT’s five-point agenda for blockchain adoption is part of a document issued on Monday detailing guiding opinions to accelerate the promotion of the emerging technology for industrial development.
As reported that China’s President Xi Jinping had advocated for rapid blockchain implementation in October 2019.
The MIIT whitepaper, in presenting its case for blockchain adoption, refers to the innovative technology as “an important part of the new generation of information technology.” Blockchain, according to the IT ministry, is one of a slew of new developments, such as big data and artificial intelligence, that are crucial to China’s continuing success.
The MIIT document lists the economy, finance, industrialization and public services as the main focus for blockchain development in the country.
According to the MIIT publication, traceability, data sharing and supply chain management are some of the use cases for blockchain that could have a significantly positive impact on the real economy.
In the financial sector, the MIIT journal advocates for a stronger convergence of blockchain and other new technologies such as cloud computing, artificial intelligence, and the internet.
The MIIT’s plan for blockchain implementation in public utilities covers themes such as smart cities and the use of cutting-edge technology in government services. The publication places a strong emphasis on the immutability of blockchain-based ledgers in strengthening evidence gathering methods in areas such as judicial deposit, civil registries, and administrative law enforcement.
The MIIT envisions the formation of at least three backbone firms and blockchain industrial clusters as part of its growth goals. The text also discusses international cooperation, particularly under the auspices of the “Belt and Road” programme.
While the MIIT whitepaper emphasised blockchain adoption, it made no mention of cryptocurrency or tokens in general. Beijing’s cryptocurrency campaign continues, with Weibo apparently suspending the accounts of several “virtual currency influencers.”