China Initiates $54.5 Billion Blockchain Project

China plans to build a national public blockchain by 2029, investing $54.5 billion. Central state-owned enterprises lead this initiative, guided by the National Development and Reform Commission and National Data Administration, focusing on infrastructure rather than global cryptocurrencies.

China has embarked on a $54.5 billion blockchain initiative, spearheaded by central state-owned enterprises, to establish a national public blockchain infrastructure by 2029.

This project reflects China’s strategic ambition to create influential blockchain networks, driven by substantial government investment and managed by state agencies, with significant long-term global implications.

National Development and Reform Commission and National Data Administration

China is launching a comprehensive plan under the National Development and Reform Commission (NDRC) and National Data Administration (NDA) to enhance its blockchain infrastructure. The $54.5 billion investment aims to establish a national blockchain network by 2029.

Involvement of Central State-Owned Enterprises

Central state-owned enterprises, including large telecom and infrastructure entities, are taking the lead. They are expected to pilot and scale blockchain infrastructure, underlining the project’s national importance.

Global and Domestic Impact

The effects on global cryptocurrencies like ETH and BTC are negligible at present, as emphasis lies on data governance. Infrastructure development focuses on domestic and regulated environments rather than global public cryptocurrencies.

Potential Implications

The roadmap’s implications span various sectors. Political and economic facets underscore the Chinese government’s dedication to technological autonomy and national control, potentially reshaping global blockchain dynamics.

Zhulin Shen, Deputy Director, National Data Administration, stated, “The project is expected to attract approximately 400 billion yuan ($54.5 billion) in annual investments over the next five years.”

Historically, China’s strategies like “Made in China 2025” have mirrored this blueprint, prioritizing indigenous innovation. Future outcomes may involve enhanced regulatory frameworks, technological advances, and economic growth within the domestic market.

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