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Chinese Congress member proposes accelerated blockchain development

blockchain-development-acceleration-china
Edited by
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Chinese Congress member proposes accelerated blockchain development

A National People’s Congress member has submitted a proposal advocating for expanding blockchain infrastructure to bolster China’s government services and economic sectors.

At the Two Sessions meeting in Beijing, Dong Jin, the National People’s Congress delegate, submitted a formal suggestion to enhance the country’s blockchain infrastructure and establish industry standards.

As reported by China News Service, the suggestion aims to support government services, supply chains, and trade with advanced blockchain solutions.

Jin, who oversees a national blockchain research center in Beijing, highlighted the potential of blockchain in managing the vast data resources generated by China’s booming digital economy.

Jin noted the development of a blockchain-based system intended for various industries, including maritime transport, supply chain finance, and energy.

Despite the ongoing prohibition on cryptocurrency trading and mining, China is intensely interested in blockchain technology and the digital economy. Major Chinese corporations like Alibaba and Tencent are actively working on blockchain projects.

In May 2023, Beijing announced plans to position itself as a leading innovation center for the web3 industry, signaling the government’s commitment to leveraging blockchain technology for national development.