Since In 2016 China issued the 13th Five-Year National Informatization Plan, China has set out to establish national standards for blockchain technology, policy frameworks, and relevant legal standardsInformation Plan. This plan listed blockchain as one of the key cutting-edge technologies, . and emphasized the need to strengthen the innovation, test, and application of new technologies, including blockchain. China has since set out to establish national standards for blockchain technology, policy frameworks, and relevant legal standards
The People Bank Of China (PBOC) development plan 2019-2021 has further identified six priority tasks required to strengthen the strategic development of financial technology in China.
...
The main authorities involved in regulating blockchain industry are: “CAC” Cyberspace Administration of China over blockchain server providers, the Ministry of Information Technology “MIT” and for Industry and Commerce “SAIC”.
From a financial point of view, PBOC and China Banking and Insurance Regulatory Commission “CBIRC” play a key role in order to harmonize this cutting-edge technology within finance ecosystem and regulation.
China is in trying to give a clearer regulatory framework over technology implementation, for instance, since the beginning of 2020 came into force the created the cryptography law stated to implement safer prescriptions for commercial transfers of data and legal liabilities for misconducts in the beginning of 2020.
All supports With the premise that technology will boost strategic economic development plans contributing to the building of a digital Silk Road.
In this document we are focusing focus on two key pillars: Blockchain Service Network (BSN) and Digital Currency Electronic Payment system (DCEP), already in testing by PBOC.
Around these two pillars, Chinese corporations and associations will provide their blockchain operation services : in IT, trade finance, supply chain, healthcare, insurance, digital identity by enterprises networks consortiums.
...
This alliance is building the first “national “nationally supported” cloud architecture operative worldwide, offering a lead to Chinese corporations in terms of data internationalization. It is clearly one of the main points supporting “Made in China 2025” initiatives in terms of new advanced information technology to export worldwide. From a technical point of view, BSN works as a hybrid multi-hybrid cloud cloud architecture offering IaaS solutions through public city nodes and PaaS through BSN portals. It is able to connect China mainland and overseas strategic locations offering blockchain solutions “BaaS” by Chinese IT providers working in a range of business sectors (finance, logistics, healthcare etc).
The project’s timeline has been delayed due to Covid-19 and is scheduled to officially launch internationally on July 31st, 2020. The project has a start phase of 200 nodes around China mainland and overseas locations. BSN has partnered with AWS China to speed up the process for internationalization. BSN can be seen as a way to let easily enable enterprises and government to interoperate through cloud infrastructure. It can represent a perfect duo to let private and public data achieving achieve the best performance results.
DCEP is a software solution enabling PBOC to issue and manage the first sovereign digital currency backed to at par with the “fiat” value of renminbi (RMB). It is mainly a technical transformation of the mechanism for the issuance and circulation of RMB.
...
DCEP also provides the possibility to execute smart contracts and storage feature features into a digital wallet so technology still sounds closeappears peer-to-peer, but it comes from a more centralized perspective.
...