China unveils guidelines for blockchain deployment

The Ministry of Industry and Information Technology of China, together with the Cyberspace Administration of China представили guidelines to accelerate the deployment of blockchain technology.

The document serves as guidance for IT departments of provincial and municipal governments. It outlines long-term goals for building blockchain companies and applications that expand the capabilities of various sectors of the economy. It is a tool for implementing China’s digital strategy.

The principles focus on improving the quality of public services, protecting intellectual property, and increasing transparency in the exchange of government data.

Local authorities were tasked with providing both political and economic support for implementing the guidelines. These measures include:

• creating industrial parks;
• providing tax breaks for startups;
• increasing funding for human capital.

Back in October 2019, President Xi Jinping said that China should become a leader in blockchain.

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