China Plans to Create a Nationwide Blockchain Network by 2030

Chinese authorities have confirmed their intention to create a unified nationwide blockchain network by 2030, as outlined in the five-year digital development plan. The Central Commission for Digital Space has prioritized distributed ledger technology in foreign trade, the financial sector, and industry. Blockchain technology is set to be a key element of industrial infrastructure, integrating with international maritime trade and traditional banking. China plans to establish uniform technical standards for the secure flow of data between enterprises, which is expected to streamline global supply chains. The model adopted by China separates blockchain architecture from private digital assets, maintaining a ban on cryptocurrency trading. The new plan does not foresee the legalization of digital coin mining; instead, a state-controlled network for the digital yuan is to be established. The implementation of a nationwide registry will enable state control over the flow of information, raising questions for Western countries regarding the adoption of Chinese technological standards.

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