The Ministry of Industry and Information Technology or MIIT of China has published a guideline to accelerate the development of blockchain technology in the country. China Employing MIIT, Wants to Make Its Blockchain Industry Ready by 2025 China’s Ministry of Industry and Information Technology (MIIT) and the Office of the Central Cyberspace Affairs Commission has jointly published a set of guidelines to boost the country’s development of blockchain technology. China should “promote the deep integration of blockchain and economy and society and accelerate the promotion of blockchain technology for application and industrial development,” according to the document published on 7th June. The guidelines are published to fix China’s cybersecurity issues, reform its IT industry, and make the country’s blockchain industry-ready by 2025. The publication calls for the promotion of a greater intersection between blockchain and other emerging technologies like cloud computing, artificial intelligence, and the internet. The document lists the economy, finance, industrialization, and public services as the main focus for blockchain development in the country and supports blockchain’s benefits in boosting economic development. Improving China’s Public Service through Blockchain Tech Critical tasks under the MIIT’s guidelines include applying blockchain technology to improve public services, protecting digital intellectual properties, and increasing transparency in government data sharing and legal systems. The proposal for blockchain adoption for public utilities includes smart cities and the utilization of blockchain technology in government services such as judicial deposits, civil registries, and administrative law enforcement activities. To execute the guidelines, local governments are being instructed to provide both political and economic support such as building blockchain industrial parks, offering tax benefits for blockchain startups, among others. Chen Bo, Director of the Digital Finance Research Center at the Central University of Finance and Economics, said: “The document stated that China may develop the blockchain industry into an infrastructure category, and it will be applied in every specific phase of the social system. Some related standards and technologies of the blockchain industry can be set in advance and exported by China if the country’s blockchain sector can be developed into a world-leading position.”
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