China's NDRC includes blockchain among technologies supporting its 'new infrastructure' strategy
China's Development and Reform Commission confirms blockchain as part of country's 'new infrastructure,' signaling state-level technology support.
On April 20, 2020, China's NDRC includes blockchain among technologies supporting its 'new infrastructure' strategy. China's Development and Reform Commission confirms blockchain as part of country's 'new infrastructure,' signaling state-level technology support.
The announcement signaled that China's government viewed blockchain as strategically important technology worthy of state investment and support, despite the country's hostile stance toward cryptocurrency trading and its ambivalent position on Bitcoin mining. For Bitcoin's history, China's blockchain embrace highlighted a complex and somewhat contradictory relationship—the government recognized blockchain's potential for supply chain tracking, digital identity systems, government services, and financial infrastructure, while simultaneously restricting Bitcoin, banning cryptocurrency exchanges, and periodically cracking down on mining operations.
China's approach reflected a broader pattern seen globally where governments attempted to distinguish between blockchain technology (which they viewed as potentially useful infrastructure) and cryptocurrencies like Bitcoin (which they viewed as threats to monetary sovereignty, capital control enforcement, and financial stability).