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 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.
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