China expects bright future for blockchain technology
Subject China's position on blockchain and crytocurrencies. Significance After being left behind (mainly by the United States) on critical technologies such as microprocessor design, telecommunication and space engineering, the current Chinese leadership regards technological innovation as a top national priority. In particular, the development of the distributed ledger technology, blockchain, as a cross-industry transformative platform has been written into China’s 13th Five-Year Plan covering 2016-20. Impacts Blockchain technology will be applied to fields such as gaming, global online payments, digital advertising and public service management. The decentralised nature of cryptocurrencies impedes effective regulation. The Chinese government will remain deeply divided on the issue of cryptocurrencies. The United States will probably legalise cryptocurrency exchanges and ICOs soon, followed by Singapore and China.