China has set 2030 as the target to largely complete a national blockchain network. The plan expands the technology's use in trade, finance and industry. Restrictions on crypto business remain in place.
China set a 2030 target to largely complete a national blockchain network, directing wider use of the technology in trade, finance, manufacturing and agriculture. The Central Cyberspace Affairs Commission issued the 15th Five-Year Plan for National Informatization, which The Defiant says was published Friday.
Backbone, hubs and regional priorities
The plan calls for accelerating construction of a central backbone network and connecting regional hubs. It also seeks stronger shared services, including distributed digital identity, and wider use of blockchain to digitize shipping and freight trade.
Regional goals differ. In the Yangtze River Delta, the plan calls for deeper blockchain use in trade and finance, while in the Chengdu-Chongqing region it seeks deployment at scale in commercial distribution, manufacturing and agriculture. A separate Beijing-Tianjin-Hebei entry identifies airport hubs and smart logistics as blockchain applications.
Blockchain is one part of a wider digital agenda. Crypto Briefing reports the plan also envisions a network infrastructure system covering land, sea, air and space, the timely launch of commercial 6G services and faster development of the intelligent internet.
Crypto restrictions stay
The infrastructure push sits alongside limits on cryptocurrency business. A February 6 notice from eight Chinese authorities, including the People's Bank of China, prohibits domestic activities such as fiat-to-crypto exchange, crypto-to-crypto exchange, token issuance financing and trading in crypto-related financial products.
The same notice requires authorization before domestic or foreign entities and individuals issue offshore yuan-linked stablecoins. Separately, the new plan calls for steady development of the digital yuan.
Sources: The Defiant, Crypto Briefing
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