Blockchain Gets First Mention in China’s 5-Year Policy Plan
Blockchain technology was mentioned for the first time ever in a draft of China’s national five-year policy plan, the final version of which was approved by lawmakers and advisers at the end of an annual political meeting on Thursday in Beijing.
The technology that underpins bitcoin (BTC, +3.35%) and other cryptocurrency was mentioned for the first time in the lengthy document that lays out China’s goals to work toward in the next half-decade, reports the South China Morning Post (SCMP).
China’s 14th five-year plan outlines the country’s economic priorities and stressed that technology will play an increasingly important large role in the country’s top-down planning.
Although China has banned the trading of cryptocurrencies, blockchain will play a key role in the country’s digital economy under President Xi Jinping, the SCMP reported.
The digital economy is expected to contribute to the country’s GDP and “transform China into a global leader” through the use of artificial intelligence, big data, cloud computing, and blockchain, according to the draft.
The final version of the plan has yet to be made public.