A Glimpse into the Blockchain Technology Development in China - DotWallet

A Glimpse into the Blockchain Technology Development in China


In 2011, “WikiLeaks” organization was punished by the United States for leaking the country’s diplomatic cables. All of their fund-raising channels were disabled, so they had  to turn to digital currency. It is precisely because of the fermentation of this event that digital currency and blockchain became a hit in China. Media both large and small scrambled to report it. The blockchain technology behind the digital currency also attracted a great deal of attention at this time.


It is said that there were two groups of people who were the first ones to know blockchain in China. One was the enthusiasts of blockchain technology, they had expanded its use. And the other one was the investors who were keen to buy digital currency. No matter which group they belong to, they are the pioneers of Chinese blockchain technology industry.


Blockchain is distributed, tamper-proof, transparent, and traceable. As more and more Chinese people get to know this technology and acknowledge its value, the central government has also realized the important role of blockchain technology in future social changes, and has successively introduced many relevant policies:


  • In December 2016,blockchain technology was included in the “National Informatization Plan” for the first time as it was listed in the “Thirteenth Five-Year” National Informatization Plan issued by the State Council
  • In August 2017, the State Council issued the Guiding Opinions on Further Expanding and Upgrading Information Consumption to Constantly Release Domestic Demand Potentials, reiteratedthe need to enhance information technology service capabilities, encourage the use of open source code to develop personalized software, and develop applications to be used on a pilot basis of new technologies such as blockchain and artificial intelligence.
  • In May 2018,  the Ministry of Industry and Information Technology officially published the 2018 China blockchain industry whitepaper.As the first official white paper on the blockchain industry, it shows that the government attaches great importance to the research and application of blockchain technology.
  • In February 2019, Blockchain Information Management Regulationsreleased by the Cyberspace Administration of China was formally implemented, regulating the filing basis for the development of China’s blockchain industry.
  • In April 2020, the blockchain was officially included in the scope of “new infrastructure”and was cataloged into the information infrastructures.
  • In June 2121, the Ministry of Industry and Information Technology and Office of the Central Cyberspace Affairs Commission have jointly issued the Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development.


This continuous introduction of new related policies represents that the role of blockchain in the future’s technological revolution and industrial transformation is getting more and more attention. And it is expected to provide new momentum for the development of the domestic real economy. At present, all parts of the country are actively promoting their own blockchain plans. The blockchain technology industry is growing toward a promising future!


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