- China’s legislative authorities discuss plans for blockchain in the next five years.
- Xi Jinping, Chinese President’s Vision 2035 strategy includes blockchain applications.
- China has already succeeded in launching and sustaining smart cities.
China has created its maiden blockchain strategy and has included it in its 5-year policy outline. The country of China currently has a ban on the sale and purchase of crypto assets nationwide. On the other hand, it has welcomed every innovative technology such as smart cities and AI and has adapted to them with ease.
China’s recent 5-year policy outline has highlighted the priorities and the goals of the Chinese government which they want to achieve by the year 2025. The plan has also listed some urgent economic situations and the use of innovative technology for tackling those problems and for implementing the other plans. Vision 2035 strategy is an initiative by the President of China, Xi Jinping, and blockchain is going to play a key role in the technological advancements that are going to be made by China.
Xi Jinping, the Chinese President, while talking about blockchain, said that blockchain would be a key factor in the next level of industrial transformation and technological innovations by China. South China Morning Post (SCMP) has stated that President Xi Jinping’s view about blockchain technology and its derivatives have put a play in motion. With the introduction of the Blockchain Service Network (BSN), a new blockchain project, the Chinese government has become proactive in terms of upgrading its own Internet system based on blockchain.
Smart Cities with Blockchain Technology
Xi Jinping envisions that China will become the global leader after it is transformed by its upcoming digital economy. A lot of cities in China have been using blockchain technology in their smart city projects while integrating cloud technology like AWS with AI. This initiative has allowed these cities to transform massively in just a few years.
Projects like the City ID system and the QR health codes like HDC prove the huge success of this technology and the development of China as a digital economy. China has shown keen interest in adapting to new technologies but it is still resistant to the use of the crypto asset and has declared it illegal. Investors however have still found ways to invest in cryptocurrencies from China by using apps like Weibo.