China wants to be a front runner in blockchain technology even if the ban on bitcoin remains

People.cn, the official website of the People’s Daily, has launched a section dedicated to blockchain coverage, signalling Beijing’s official endorsement of the technology, even as a crackdown on digital currencies began in September.

The Chinese-language site said the editorial expansion was designed to “deliver good content, purify the industry environment and use blockchain technology to empower industries”.

Stories published on the site touched on the importance of the new technology, including one that carried the headline “China should be a front runner in the digital economy era”.

Analysts said mainland regulators would likely keep a tight grip on the blockchain sector, following recent moves to ban trading in bitcoin and other cryptocurrencies.

“China does not want to miss out on any big technology trend, as they invest big in artificial intelligence/machine learning since it is an obvious bet on the future and a relatively low hanging fruit,” said Spiros Margaris, a venture capitalist and adviser in the fintech industry.