Caixin
Jun 08, 2021 07:16 PM
BUSINESS & TECH

Telecoms, Cyber Regulators Urge More Government Support for Blockchain Development

What’s new: China’s telecoms and cyberspace regulators have issued a new document calling on local governments to promote the development of blockchain technology.

The document (link in Chinese) was released Monday on the website of the Ministry of Industry and Information Technology, and was jointly drafted with the Cyberspace Administration of China.

It contained a lengthy discussion on the subject of blockchain, including reasons for promoting the technology and ways local governments can encourage such promotion.

Background: The document is part of China’s ongoing efforts to become a world leader in cutting-edge technologies like blockchain. Similar calls to support the technology’s development have been a staple in state media and from government officials for the last several years.

At the same time, China has spoken out strongly against cryptocurrencies, which are one of the main applications for blockchain, due to the highly speculative nature of such virtual currencies and their lack of government oversight.

Blockchain has many other applications besides cryptocurrencies, most involved in maintaining logs of previous activity that make authentication of documents and other materials easier and more secure.

Related: China Struggles to Suppress Bubbles in Markets Awash With Money

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the original document in Chinese, click here

Contact reporter Yang Ge (geyang@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)

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