China has released guidelines aimed at boosting the country’s blockchain development, pledging to foster three to five internationally competitive companies in the sector by 2025.

Fast Facts:

  • The Ministry of Industry and Information Technology and the Office of the Central Cyberspace Affairs Commission on Monday jointly issued guidelines for accelerating the development of the country’s blockchain industry and further deepening applications of blockchain tech.
  • The document maps out key development areas, including the economy, public services and industry.
  • The ministry and the commission said in the document that the country’s blockchain development should be among the world’s most advanced by 2025, and that they aimed to cultivate 3-5 leading internationally competitive enterprises and build the same number of industry clusters dedicated to blockchain.
  • In March, China wrote blockchain and digital currency into its blueprint for the next half decade. The country is set to invest more in technology, including blockchain, with local governments following a 14th five-year plan that sets out paths for its future social and economic development.
  • China has been developing and testing its digital yuan — the e-CNY, formerly known by its original project name, DCEP (Digital Currency Electronic Payment) — as Shanghai prepares to distribute around US$3 million worth of the currency in the city during next week’s Dragon Boat Festival.