Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. Today I will be writing about the recent policy proposal in a Communist Party of China Central Committee and the State Council document.
China National Blockchain Network
It looks like China are planning their own national blockchain. This comes from a proposal which appeared in a policy document from the Communist Party of China Central Committee and the State Council, which was made public by Xinhua.
Currently a ban on cryptocurrency transactions remains in China, but a wider digital-economy expansion looks like it will include a Chinese blockchain. The policy document was called 'Opinions of the CPC Central Committee and the State Council on Developing New Productive Forces.'
No mention of Bitcoin or other cryptocurrency was included within the document, but the wider agenda focuses on digitizing manufacturing, building a national integrated computing-power network, and advancing the “Eastern Data, Western Computing” project. The final point will look at moving data storage and computing activity toward western regions.
While the news could signal new opportunities for enterprise and government systems, it does not mean there can be any crypto trades made by residents within China. The current state-backed Blockchain-based Service Network (BSN) supports both government and business applications while ensuring residents have no access to cryptocurrency. It is unknown whether the new proposal will continue from the existing BSN or start a new blockchain network.
The future of blockchain and crypto within China still remains unclear, but it is certain that the Chinese government are making big plans for a digital future.
https://x.com/Cointelegraph/status/2108898555628838938
Have a great day.
Peace. CryptoGod-1.
