China publishes blockchain guide for officials

Written by: Michael Harris
March 11, 2020

China’s Communist Party has made a move to improve blockchain literacy among officials and party members, industry website Coindesk has reported, citing information from the local press.

According to the Monday report, the publishing house of the People’s Daily, an official newspaper of the Chinese Communist Party, has published a book titled “Blockchain – A Guide for Officials”, which aims to provide detailed information about the technology, including explanation of its origin and features. The book also examines the current and future applications and challenges the tech brings to the business and legal world, Coindesk notes.

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“The biggest impact of blockchain lies in its operation mechanism … which seeks to achieve consensus as a way to govern a community. It offers us a brand new angle to think about and resolve different problems”, Ye Zhenzhen, head of People’s Daily, writes in the book, as quoted by Coindesk.

The publication of the guide is the latest in a series of moves, illustrating China’s growing interest in the technology underpinning cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). While the country banned centralised crypto trading and domestic initial coin offerings (ICOs) nearly a year ago, it has demonstrated on a number of occasions that it aims to become a leader in the fledgling blockchain industry. The potential of the technology was even acknowledged by China’s president Xi Jinping, who said at an academic conference in May that blockchain was among the technologies driving a “new generation of industrial revolution”.

It was reported earlier this month that China’s Ministry of Industry and Information Technology (MIIT) had proposed a number of measures aimed at speeding up the promotion of blockchain applications in the country in a move to provide a “healthy and orderly development of the industry.”