Chinese Communist Party (CCP) Funds Regions to Make Advances on Blockchain

China’s ambitions in blockchain technology could be even bigger than what one thinks if a medium claims to have seen evidence of the Chinese Communist Party’s (CCP) blockchain plans. They are driving the regions to make progress on the blockchain.

The Chinese Communist Party (CCP) is sponsoring regions to advance blockchain

In a report by The Epoch Times, a New York-based agency affiliated with the Falun Gong movement, journalists said they looked at internal documents and found that the CCP had planned to defend the country’s province “for a long time Blockchain adoption “in many areas of the domestic industry, with the aim of occupying a high position in the struggle for the supremacy of the Internet 4.0 era.

The media claimed the documents prove that the CCP “takes blockchain very seriously” – but added that there was a turning point in its adoption.

While blockchain technology has traditionally revolved around decentralized models, this is a philosophy that does not fit the CCP – the way many people define the word “centralization”. As a result, the media continued, the CCP is pursuing private blockchain solutions that allow it to stay in control while making the most of the technology.

The media company, which is at the forefront of almost all Beijing issues, also claimed that the “blockchain version of the CCP” could be turned “into a weapon to strengthen the party’s overall control” over the country.

The agency also added that the decisions of several Chinese provinces to provide public funding to fuel blockchain-related business growth were directly influenced by the central government briefings.

The last province to switch to blockchain appears to be the eastern coastal province of Zhejiang. Reuters reports that the province’s latest five-year plan (to be implemented from 2021 to 2025) includes a number of blockchain-related commitments, including a plan to “grow a number of valuable public companies in the market.”

In October, Chinese leader Xi Jinping gave a landmark speech on the subject, stating that China must “seize the opportunities” that blockchain offers. Here are the ideas: comments he repeated in his second speech last March.

Since then, at least 32 provinces have announced 3 or 5 year plans with bold promises of public and private blockchain expansion. Some have provided generous financial rewards to companies for achieving unicorn status. Several blockchain business parks have been built across the country, with the provinces using their budgets to fund R&D initiatives.

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