China's State Council Orders to Speed Up Blockchain Development

The State Council of China has ordered provincial financial authorities and government-funded research centers to speed up and focus on the development and commercialization of blockchain technology. The official statement first released on May 4 has addressed different strategies that required continued reformation of the Guangdong Pilot Free Trade Zone.

What is Pilot Free Trade Zone?

The Guangdong Pilot Free Trade Zone is a free-trade zone is in the province of Guangdong. It was authorized by the State Council in 2014 and officially launched on April 2015. The establishment of a free trade pilot zone is a strategic move by the Party Central Committee and the State Council to comprehensively deepen reforms and expand openness under the new situation. Since the China (Guangdong) Free trade zone has been operating, it has achieved initial results and has generally achieved its expected goals. Now, it has asked to further deepen the reform and opening up of the free trade zone , and support the integration of Hong Kong and Macao into the overall development of the country.

An official document stated:

“To build a regional equity market in Guangdong, according to the opening up of the capital market, timely introduction of Hong Kong, Macao and international investment institutions to participate in transactions. We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance.”

Nonetheless, the document does not uncover or contain any points of interest on the degree of blockchain technology that will be utilized as a part of the Free-Trade zone.

As mentioned on AMBCRYPTO, China’s Ministry of Information and Technology, the Guangdong division has 71 blockchain new companies. In 2016, the idea of digital currency and blockchain innovation was presented as a piece of their thirteenth five-year monetary improvement design from 2016 – 2020.

Approved by the State Council in 2014, the Guangdong Free-Trade Zone is an assigned area inside China’s Guangdong territory that coordinates with Hong Kong and Macau to construct a more internationalized free market. Chinese experts will forcefully quicken the advancement of blockchain innovation as requested by the State Council to exhibit that the nation could be at the cutting edge of the Fourth Industrial Revolution and lead the improvement of a developing innovation like the blockchain.

China’s State Council Orders to Speed Up Blockchain Development

What is Pilot Free Trade Zone?

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