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China’s IT Ministry Considering Strategy for Advancing Blockchain Development

The Chinese Ministry of Industry and Information Technology (MIIT) is reportedly considering ways to accelerate blockchain adoption, local news agency Xinhua reports Aug. 9.

According to the report, the MIIT has proposed a number of measures to speed up the promotion of blockchain applications in the country in a move to provide a “healthy and orderly development of the industry.” The ministry stated that the blockchain tech ecosystem is currently in its initial stage.

The MIIT intends to provide a gradual extension of blockchain applications from the financial sector to other industries, such as electronic deposit services, supply chain management, Internet of Things (IoT), and others.

The IT ministry plans to enhance interaction with various localities and departments, as well as build a solid industrial ecosystem by boosting the operating capacity of computing power and storage

Recently, the MIIT’s deputy director called on the country to “unite” in addressing blockchain promotion, saying that the country must now develop blockchain applications on an “industrial” scale to accelerate its adoption across all areas of the economy and society.

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