Macro
China Announces Plans for National Blockchain Network in Economic Strategy
On October 9, 2026, China's top leadership issued a directive calling for the construction of a national blockchain network, marking a significant endorsement of blockchain technology by the government. This initiative is part of a broader economic strategy outlined in a policy document titled “Opinions on Developing New Quality Productive Forces,” published by the Communist Party of China Central Committee and the State Council.
The document details 19 measures aimed at enhancing the connection between the digital economy and the traditional real economy. Among the key objectives are the establishment of a national blockchain network and a nationwide integrated computing power network. The initiative emphasizes optimizing national data infrastructure, promoting the digitalization of manufacturing, and supporting the “East Data, West Computing” project, which aims to channel data from economically vibrant eastern regions to western computing centers.
China's existing Blockchain-based Service Network (BSN), operational since April 2020, will serve as a foundation for this new directive. The BSN is designed for compliant enterprises and explicitly prohibits the use of cryptocurrencies and tokens. The new policy aims to consolidate and monetize the existing infrastructure while extending the capabilities of the digital yuan, China's central bank digital currency.
The implications for the cryptocurrency market are clear: while blockchain technology is welcomed, cryptocurrencies remain firmly outside the government's plans. This approach suggests a focus on state-controlled frameworks for data and digital assets rather than the promotion of independent cryptocurrencies. The directive involves collaboration among 16 central government departments and 27 state-owned enterprises, with future developments to be closely monitored.
FAQ
What is the purpose of China's national blockchain network?
The national blockchain network aims to enhance the connection between the digital economy and the traditional real economy, optimize national data infrastructure, promote digitalization in manufacturing, and support the 'East Data, West Computing' project.
How does the new blockchain initiative relate to existing infrastructure?
The initiative will build upon China's existing Blockchain-based Service Network (BSN), which has been operational since April 2020 and is designed for compliant enterprises, prohibiting the use of cryptocurrencies and tokens.
What are the implications of this initiative for cryptocurrencies?
The initiative indicates that while blockchain technology is embraced, cryptocurrencies are not part of the government's plans, suggesting a focus on state-controlled frameworks for data and digital assets.
What organizations are involved in the development of the national blockchain network?
The directive involves collaboration among 16 central government departments and 27 state-owned enterprises to ensure the successful implementation of the national blockchain network.
What is the significance of the 'East Data, West Computing' project?
The 'East Data, West Computing' project aims to channel data from economically vibrant eastern regions of China to western computing centers, enhancing data processing capabilities and supporting the overall digital economy.