Bitcoin
China Outlines National Blockchain Network Plan in Economic Blueprint
Beijing has included a national blockchain infrastructure initiative in its latest economic strategy while keeping existing bans on cryptocurrency trading intact.
China’s Central Committee and State Council published an economic policy blueprint on October 9 containing 19 measures, including directives to construct a national blockchain network. The strategy pairs blockchain technology with a nationwide computing grid and data transmission programs, while cautioning officials against speculative bubbles and neglecting the real economy.
The official document makes no provision for Bitcoin or independent cryptocurrencies. Follow-up implementation details have been delegated to the National Development and Reform Commission and the Central Financial and Economic Affairs Commission, which will determine technical rules. China previously launched its state-backed Blockchain-based Service Network in April 2020, which disallows decentralised cryptocurrencies.
Cryptocurrency trading continues to be prohibited in mainland China, a restriction reiterated by the central bank and partner agencies in February. Instead, authorities remain focused on the digital yuan project. Following the announcement, Solana Company chief executive Joseph Chee suggested on CNBC that renewed market access in China could spur a broader crypto cycle, though he identified capital flight concerns as a primary barrier.
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