China Creates National Blockchain Network, Rejects Bitcoin

The Central Committee of the Communist Party of China plans to create a national blockchain network to support the development of the digital economy and effective data management. The new system aims to integrate the computing network and improve data ownership identification and interest protection. The project "Data in the East, Computing in the West" aims to relocate data centers to western China. China has shown interest in blockchain technology since 2019 when Xi Jinping recognized it as key to innovation. In 2022, 15 pilot zones were established to test blockchain applications. The People's Bank of China emphasized the importance of technology in cross-border electronic payments. Nevertheless, China is opposed to Bitcoin, deeming all cryptocurrency transactions and trading illegal since 2021. Authorities have confirmed these restrictions, prohibiting unauthorized cryptocurrency issuance and promoting cryptocurrency-related activities by online platform operators.

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