Chinese Regulator Develops Plan For Safe Blockchain Development
The Ministry of Industry and Information Technology, China, is looking for a way to boost blockchain development in the state, according to a Xinhua news’ report.
The ministry reportedly has introduced a number of measures to provide "secure and orderly development of the industry" and help blockchain startups thrive. As the ministry notes, distributed ledger technologies (DLT) are at their infancy yet.
China plans to expand blockchain application by implementing it in the finances, deposit services and supply management, as well as use it for the Internet of things concept. According to the government, there is a need to strengthen communication with localities and regions, and to create a powerful computer ecosystem.
The Chinese government policy towards cryptocurrency is still quite tough, what slows down cryptocurrency trading in the country, Cointelegraph notes. However, blockchain sector is accelerating, due to support from regulators.
In May, the Chinese Ministry reported the significant progress in the state DLT industry, noting that in 2017 the number of blockchain-connected startups in China reached 450.
Previously, the deputy minister of industry and information of PRC urged local enterprises to develop the technology "on industrial scale," and thus create the basis for the new digital economy of the state, according to the Ministry's website.
In addition, Chinese leader Xi Jinping pointed out the upsides of the blockchain, noting that "new generation technologies" can change the innovation map and rebuild the economic system of the world.
Japan is also looking for ways of applying blockchain. As previously reported, Japanese mobile operators will use blockchain to develop a high-speed 5G network.