China’s Two Sessions congressional meeting focus on the integration of blockchain technology with specific industries
Representatives at China’s Two Sessions congressional meeting have submitted a slew of bills in relation to the development and application of blockchain technologies.
The 2020 Two Sessions meetings of China’s top legislative bodies kicked off in Beijing on 21 May, following a two-month delay due to the COVID-19 outbreak.
These include bills submitted by members of China’s National’s People’s Congress (NPC), as well as the Chinese People’s Political Consultative Conference (CPPCC), mainly focus on the integration of blockchain technology with specific industries, as well as the inclusion of the blockchain in new infrastructure development.
Following President Xi Jinping’s call for greater blockchain development in October 2019, as well as the National Development and Reform Commission’s (NDRC) inclusion of blockchain within the remit of “new infrastructure” on 21 April 2020, this year’s Two Sessions has seen a flurry of bills in relation to distributed ledger technology.
Blockchain adoption in China
China is leading the way for blockchain development. On April 27, China’s Blockchain-based Service Network, or BSN, launched officially, which is a global commercial project to help blockchain projects create and run a new application based on such technology for a lower cost.
Last year, Beijing tech hub Zhongguancun said it plans to roll out financial subsidies for blockchain firms.
In South China’s Shenzhen district, called “Silicon Valley of Asia”, the local tax department is working with Tencent on blockchain tax invoices.
On the other hand, the government of Anhui, a province in eastern China, released its first blockchain platform for providing government services.
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