As part of the Republic Bank of China’s efforts to boost progress for the digital yuan, blockchain will now be a part of the country’s data and technology infrastructure. The National Development and Reform Commission (NDRC) said it will join other emerging technologies to manage the flow of information in China.
Examples of these systems include cloud computing, artificial intelligence, and the internet of things.
Formerly the State Planning Commission, the NDRC is a cabinet-level department that formulates policies and strategies for the Chinese economy. It covers everything from investments to public transport to running anti-monopoly probes.
The organization also oversees corporate debt issuance.
High-tech director Wu Hao said the NDRC would work with “relevant departments” to study blockchain. It will promote the development of new infrastructure, as well as improve the access rules for sustainable and healthy development for emerging industries.
What’s in Store for Chinese Blockchain
For now, the state doesn’t have a definitive plan for the network. An NDRC subsidiary is still working on a new Blockchain Service Network (BSN) that would provide companies with tools they need to develop industry-based applications.
BSN was launched for domestic commercial use, and it’s on its way to open for global companies as soon as next week. The NDRC previously announced it wanted to eliminate Bitcoin (BTC) mining in the country last April, but then quietly revoked it after Xi emphasized blockchain’s potential in October.
The organization had always been supportive of the industry, especially with regards for the government’s economic strategy. It signed an agreement with China Development Bank in 2018 to provide at least ¥100 billion to support companies working in some tech companies mentioned earlier.
Oddly, NDRC has yet to announce its plan to support companies directly involved with blockchain networks. Nonetheless, these companies might as well find their way to the top as China begins to roll in favor of the technology.