Blockchain is now officially part of the Chinese technology strategy

Blockchain is now officially part of the Chinese technology strategy - Untitled 1 1The National Development and Reform Commission (NDRC) said, in a statement to reporters on Monday April 20, that blockchain will join other emerging technologies such as cloud computing, artificial intelligence (AI) and the Internet of Things ( IoT) in supporting the systems that China uses to manage the flow of information for the next few years.

Originally known as the State Planning Commission, the NDRC is a cabinet-level department that develops policies and strategies for managing the Chinese economy. It is a very influential authority in China, and has a wide range of action that covers almost everything from investments in public transport, to manage antimonopoly probes, to supervise the issuance of corporate debt.

The uncertainty of how the new strategy will apply remains

On how new technologies, including blockchain, would be integrated, director of high technology Wu Hao said that the NDRC "will work with the relevant departments to study and publish relevant guidelines to promote the development of new infrastructures (e) to review and improve access rules that are conducive to the sustainable and healthy development of emerging industries ".

What this means for the future of blockchain in China is difficult to know, because the NDRC has a complicated relationship with the sector in general. An NDRC branch has worked on a new Blockchain Service Network (BSN) that would provide companies with access. the tools they need to develop blockchain-based applications. Following the launch for home commercial use, BSN will open for global companies later this week.

A favorable change of pace is expected for Chinese blockchain companies

However, last April the NDRC included the country's bitcoin mining sector in a draft proposal for industries that it would like to "eliminate" from China. The authority removed bitcoin mining from its list of undesirable industries without commenting weeks after Xi Jinping spoke out about blockchain's great potential in October.

In the past, the NDRC issued guidelines and support policies for industries considered vital to the government's economic strategy. It signed an agreement with the China Development Bank in late 2018 to provide 100 billion yuan ($ 14,1 billion) in financial support to companies working in emerging technology, such as AI and IoT.

It is not yet known whether the NDRC is planning to provide a similar level of support to companies working with blockchain. But as support for the technology will be well strengthened, blockchain companies may soon find themselves treated more favorably, as is the case in countries like South Korea.