China Sets 2030 Target for National Blockchain Network Amid Ongoing Crypto Restrictions

China's Central Cyberspace Affairs Commission has unveiled a plan to establish a national blockchain network by 2030, as part of its 15th Five-Year Plan for National Informatization. This initiative aims to integrate blockchain technology into various sectors including trade, finance, manufacturing, and agriculture, positioning it alongside other national infrastructure priorities.

The announcement, made on October 23, clarifies that while the blockchain network is a significant step towards enhancing digital infrastructure, it does not signal a reopening of mainland cryptocurrency markets, which continue to face stringent restrictions. The plan reinforces the notion that support for blockchain technology can exist independently of the cryptocurrency sector.

The 2030 target builds on previous policy commitments and outlines specific regional focuses, such as enhancing blockchain applications in the Yangtze River Delta and the Chengdu–Chongqing region. However, the practical implementation of this plan remains to be seen, as further details on network architecture and operational rules are necessary.

Despite the ambitious blockchain goals, China's financial regulators have reiterated that virtual currency-related activities are illegal on the mainland. This regulatory stance underscores the separation between blockchain development and cryptocurrency trading, suggesting that while blockchain may advance, the crypto market will remain constrained.