Monday, October 3, 2022
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Is China gearing up for Blockchain technology?

For the first time, the term “blockchain” was included in China’s 14th five-year plan, which runs from 2021 to 2025. China vowed to support and strengthen the emerging digital economy in a statement released during the Two Sessions last year.

The country’s blockchain goals, including the creation of smart contracts, multiple-consensus algorithms, asymmetric encryption, and distributed fault-tolerance mechanisms, will be further defined in the new five-year plan.

China announced a Fintech Development Plan for 2022-2025 in January, with the goal of accelerating the digital transformation of finance and indicating that more restrictions are on the way.

According to David Roche, a strategist at Independent Strategy, the government will describe how it will regulate the metaverse, digital banking, and cryptocurrency sectors, but there may be “less active intervention,” according to Forkast.

Is China on the path of adopting digital currency fully?

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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