China’s government is doubling down on its embrace of distributed databases with the establishment of an “advanced blockchain industrial system”, as the country looks to incorporate the technology into its economic and development plans.
The country plans to establish industrial standards, tax incentives and intellectual property protections to support the
blockchain industry, for which it wants to become a world leader by 2025, according to a document released on Monday by the Ministry of Industry and Information Technology (MIIT) and Cyberspace Administration of China (CAC), the two agencies in charge of the world’s largest internet industry. The document also mentioned plans to enhance global cooperation under the Belt and Road Initiative (BRI).