China has officially called for the development of a national blockchain network as part of the country’s economic strategy. The @WatcherGuru account on X shared news of the policy document, dated Oct. 9, with its 4.9 million followers. The government reiterated its intention to integrate distributed ledger technology directly into the nation’s financial system and digital administration.
However, the policy document makes no mention of cryptocurrencies. There is no reference to Bitcoin, Ethereum, or other speculative tokens across the entire official text. This stance underscores Beijing’s policy divide: embracing the underlying technology while discarding coin instruments.
Why Beijing Chose the Permissioned Path
The move marks Beijing’s strong push toward centralized and permissioned blockchains. China’s chosen model operates under direct state supervision, contrasting with open public networks that resist regulatory oversight. The permissioned system is designed to advance domestic economic efficiency, government data administration, and the rollout of digital services without exposing the state to market volatility.
Since 2021, China has enforced a comprehensive ban on cryptocurrency trading nationwide. The strict regulations cut off access to digital asset exchanges and halted mining operations, yet Beijing never abandoned its distributed ledger research agenda.
Throughout the ban, authorities focused on developing the digital yuan (e-CNY) and expanding permissioned blockchain deployments across public institutions. The digital yuan serves as legal tender under direct central bank oversight, while permissioned networks provide the infrastructure for secure inter-agency data exchange. Both are now positioned to form an integrated ecosystem within the national network framework.
A Strict Line Against Public Crypto
The Chinese government has chosen to construct an alternative, state-controlled digital infrastructure rather than opening up to public blockchains. Beijing aims to capture the benefits of cryptographic data verification and network efficiency without ceding monetary control to anonymous validators or free-market consensus mechanisms.
For global crypto market participants hoping Beijing might ease its digital asset restrictions, the Oct. 9 document provides clear confirmation: the trading ban remains fully in effect. China’s backing of blockchain technology does not signal an acceptance of cryptocurrencies. The government is pursuing its own distinct path - closed, permissioned, and strictly under central command.
Reported via @WatcherGuru on X.
Read also: What Is DeFi (Decentralized Finance)?
Previously: China Formalizes National Blockchain Network via Oct. 9 Document - But Makes No Mention of Crypto
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
