In the most recent Policy plan for the country’s economy, China’s 5-Year plan includes Blockchain. This is great news for people in China and elsewhere across the world. It was China’s 14th 5-Year plan.
The inclusion of Blockchain from a country that banned cryptocurrencies and the underlying technology- Blockchain, comes as a surprise. At the time of the ban, there was no hope that China would bring back Crypto or any of its technology in any way.
China’s 5-Year plan aims to strengthen the country’s economy. Also, it has become essential for countries around the world to improve their economy after the collapse because of COVID-19. For that reason, any country that’s taking a positive step towards a better world is receiving appreciation.
How Can Blockchain Benefit The Government?
Although it’s surprising for China to include Blockchain in their 5-Year Policy plan, you must also know that Cryptocurrency and Blockchain are not directly related.
Blockchain is the underlying technology of Cryptocurrency. Recently, governments and financial institutions across the world are realizing the importance of Blockchain.
Blockchain is a system that will shape the future of technology. Cryptocurrency is just one example of this amazing technology. In recent months, people’s interest in cryptocurrency is growing because of the features of the technology behind it.
The most prominent feature of Blockchain is security and fraud prevention. This feature is the highlight of Blockchain because frauds were common in monetary transactions before Blockchain.
Why Does China’s 5-Year Plan Include Blockchain?
Chinese President Xi Jinping believes that the Blockchain and digital economy will greatly contribute to the country’s economy.
Also, China is at the forefront of manufacturing electronic devices and implementing technologies like Artificial Intelligence, Big Data, and others.
The introduction of Blockchain will help the government as well as the startups in China. Before the legalization of the Blockchain, it was extremely difficult for major companies and startups in China to use the technology in some way or another.
But after the final version of the Policy plan, the companies and startups will be able to use the Blockchain technology without any interference from the government.
Also, it will be a major relief for people who’re thinking about setting their startups or companies in China. As labor in China is cheap, many people decide to leave their home country and shift to China to start a business.
As China’s 5-Year plan includes Blockchain, we’re not yet sure exactly how China will implement Blockchain technology. But definitely, there will be huge improvements in technology and other sectors.
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