Chinese Governmental Body Focuses on Dedicated Blockchain Lab for 2018

In a speech delivered at the 2018 National Expert Forum on Manufacturing Powerful Countries, MIIT deputy director Xin Goubin stated, “[Blockchain] can make up for the deficienc[ies] of traditional credit system, prevent information tampering and forgery, and save [costs across] society. [This applies to] finance, e-commerce, smart medical care, social security, Internet of Things, energy and other fields, and will have an important impact.”

Then on August 9th, local news agency Xinhua reported that the MIIT had proposed a number of new measures to provide a “healthy and orderly development of the industry.”

China’s government continues to impose some of the world’s strictest regulations against cryptocurrency while at the same time acting as a global leader in blockchain research. Local and Federal governing bodies have invested millions of dollars into the space, and many of China’s biggest corporations, such as industry leading China Telecom, have followed suit. Following the announcement of a joint blockchain research partnership with China Unicorn and China Mobile, China Telecom cited projections that the current $46 million blockchain telecom industry could grow to be a billion dollar industry by 2023.