The Development of Blockchain Technology by Center for Electronics and Information Studies Chinese Academy of Engineering

Author:Center for Electronics and Information Studies, Chinese Academy of Engineering
Language: eng
Format: epub
ISBN: 9789811672361
Publisher: Springer Singapore

2 Analysis on the Current Situation of China’s Blockchain Industry

National Strategic Orientation and Industrial Policies Have Been Continuously Improved

2016 is the first year of the development of China’s blockchain. Blockchain technology has been written into the 13th Five-Year National Informatization Plan. Government departments at all levels of the country issued various policy guidelines for the development of blockchain to promote the in-depth application of blockchain technology in all industries. From 2017 to 2018, six documents in the guidelines issued by the State Council mentioned the explicit development and utilization of blockchain technology (as shown in Table 3.1). On the other hand, strict ICO supervision policies have also been issued. On September 2017, People’s Bank of China and other six ministries and commissions jointly issued the Announcement on Preventing the Financing Risks of Initial Coin Offerings, which characterized ICO as an unauthorized illegal public financing and ordered it to stop. On August 24, 2018, the five ministries and commissions jointly issued the Risk Warning for Preventing Illegal Fundraising in the Name of “Virtual Currency” or “Blockchain”. The document pointed out that lawbreakers, under the guise of “financial innovation “and “blockchain”, used “virtual currency”, “virtual assets” and “digital assets “to absorb funds, thus infringing on the legitimate rights and interests of the public. This indicates that China officially ban ICO.Table 3.1Guidance documents on “blockchain” issued by the State Council from 2016 to 2018

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