China includes blockchain technology in five-year plan
Blockchain technology is set to play a crucial role in China’s digital economy as the world’s second-largest economy unveils its 14th five-year plan. The country has been increasing its adoption of blockchain technology in recent years, and the recent plans show the technology will play a key role in helping China move to the next phase.
China mentions blockchain technology in five-year plan draft
The world’s second-largest economy submitted a draft of the national five-year plan to the legislature, and it was approved yesterday. However, the final version of the plan is yet to be made public.According to the South China Morning Post report, the document contains the broad goals China aims to work towards in the next half-decade and beyond. The Chinese government recognizes that technology will play a key role in helping them achieve their five-year plan and the Vision 2035 development strategy.
The Chinese government expects the digital economy to contribute a huge portion of the country’s GDP. “Increased technology integration will transform China into a global leader in advanced manufacturing, and cutting-edge technologies, including artificial intelligence, big data, cloud computing and blockchain, will become part of everyday life in China,” the report added.
China embraces blockchain despite the crypto trading ban
Although China banned cryptocurrency trading in the country, it has taken a keen liking to blockchain technology. Currently, over 20 provinces and municipalities in China mentioned the technology in their work reports for 2021.The country intends to use blockchain and other emerging technologies to grow the digital economy to a higher quality level. The inclusion of blockchain technology in the government’s plan could also lead to establishing more industry standards and boost regulation.
The Asian powerhouse is also leading the way in terms of central bank digital currency (CBDC) development. The country is also testing the digital yuan in Shanghai to determine the level of adoption and other currency metrics.
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