The Chinese government has officially announced plans to develop a national blockchain network as part of a new economic strategy. This initiative is one of 19 measures outlined in a policy document released by the Central Committee and the State Council on October 9.
The new blueprint emphasizes the integration of traditional industries with digital technologies. It also supports the East Data, West Computing project, which involves transferring data from eastern urban centers to western data facilities. Additionally, the plan calls for the establishment of regulations regarding data ownership and trading.
The document does not mention Bitcoin or other cryptocurrencies. China already operates the state-backed Blockchain-based Service Network, which was launched in April 2020 and prohibits the use of independent digital assets. It remains unclear if the new national network will incorporate this existing infrastructure.
Responsibility for implementing the strategy lies with the Central Financial and Economic Affairs Commission and the National Development and Reform Commission. These agencies will define the specific functions of the network and determine whether restrictions on cryptocurrencies will persist.
The policy document includes warnings for officials to avoid creating economic bubbles and to maintain focus on the real economy. Meanwhile, China continues to develop the digital yuan, with the People’s Bank of China pledging to advance the state-issued currency in its five-year plan.
