Legislation & Government

China plans to improve its standards for blockchain technology development by 2025, according to the country’s fintech watchdog, the Ministry of Industry and Information Technology.

The update comes from guidelines published in a draft post on the ministry’s website that also asks for public opinion on blockchain development.

Chinese state departments have been actively developing blockchain technologies and solutions for the fintech industry for several years, in spite of the country’s harsh stance on cryptocurrency.

The ministry said it plans to finalise its decisions on blockchain standards and design this year, leaving a deadline of 28 April for the public to give feedback and provide input on the draft.

Progress in blockchain standards fits into China’s goal of reaching a number of technological developments by 2025, part of the country’s fourteenth Five-Year Plan.

Digital industry makes up a key part of the plan, with blockchain being a sector the government wants to develop alongside fields like electric components, software, and communications equipment.

In February, China unveiled plans for a new blockchain research and innovation centre in Beijing. The centre aims to foster cooperation between Chinese businesses and universities to research blockchain technology and advance the sector.