E-mail lunthesis@163.com Phone 0551-65179860-203

NPC deputies recommend blockchain technology acceleration

Pub Date:2020-05-26 08:49 Source:Global Times

Deputies to the National People's Congress (NPC) put forward suggestion to promote the use of blockchain technology, from experimental use of the cryptocurrency in the Yangtze River Delta to upgrading the country's traditional manufacturing industry.

China included blockchain as part the country's technology strategy in its new infrastructure initiative with the total investment of 10 trillion yuan ($1.4 trillion) over six years to 2025.

Cui Yu, a deputy to the NPC and president of the Shanghai-based City Commercial Banks Clearing Co, recommended a pilot program to promote a payment and settlement integrated system with a crypto-currency in the Yangtze River Delta, which includes Shanghai, East China's Jiangsu, Zhejiang and Anhui provinces.

The region, a major growth engine of China's economy, should grasp the historic opportunity, adopt blockchain technology and apply it vigorously, Cui said.

Cheng Jing, a member of the Chinese People's Political Consultative Conference (CPPCC), proposed that enterprises should connect production supervision, management, procurement data and sales data with blockchain technology, boosting China's industrial strength.

Directional appropriation and inter-regional payments via a blockchain-based cryptocurrency can help reduce operational costs in the fields of finance, taxation and customs, Cao Yin, a blockchain industry insider, told the Global Times on Monday.

"It's a time of fiscal stringency. Adopting cryptocurrencies could better support Chinese small- and medium-sized enterprises after the costs for banks will be reduced," Cao said.

The establishment of a special government-led fund to develop the blockchain industry was proposed by an NPC deputy, Tan Jieqing, who said the technology could be instrumental to push China toward smarter governance.

Currently, the leading advantage of China's blockchain development is reflected in application areas, but it remains weak in terms of fundamental research, key technology and core patents, according to Kong Falong, an NPC deputy, suggesting that developing a homegrown controllable blockchain technology platform would better protect industry safety and national security.

"What concerns the industry most is the US monopoly or control of the pricing power of the digital assets. Through its global financial hegemony, the US may speculate in digital assets and rake in massive benefits at the cost of other economies," Cao said.

Editor:

Related News
- China to strengthen financial support for enterprises    2020-07-02 08:31
- China's central bank to lower refinancing, rediscount rates    2020-07-01 09:14
- Anhui ranks second in China in terms of crayfish yield    2020-06-30 15:39
- Transactions surge during China's mid-year online shoppin...    2020-06-22 08:43
 
photo  >>
Hefei-Huzhou section of Shangqiu-Hefei-Hangzhou High-speed Railway opens
Hefei: a comfortable habitat for egrets
Video  >>
(AmazingAnhui)She inkstone, a national cultural heritage in E China's Anhui
(AmazingAnhui)Huizhou inkstick, a cultural heritage in E China's Anhui
People  >>
Poor farmer in East China's Anhui becomes poultry expert
Datong barbers are a cut above competition
Travel  >>
Chinese people make over 78m trips during Dragon Boat Festival holiday
Shangqiu-Hefei-Hangzhou rail likely to open to traffic on June 28
Contact Us
Copyright ©2000-2016 anhuinews.com All rights reserved. Reproduction in whole or in part without permission is prohibited.