China does not have plans to soften regulatory pressure on technological companies and digital economy organizations.
According to the 5-year plan presented by the the Central Committee of the Communist Party of China (CCCPC) and the State Council of the People’s Republic of China, the authorities intend to strengthen control over national security and tech innovation, local news media Xinhua has reported.
The document is intended to ensure the “rule of law”. Until 2025, the country’s authorities plan to implement a variety of acts centered on technology industries, national security, data management, the environment, the fight against monopolies in the markets and healthcare.
While the document does not make any direct mention to cryptocurrencies and blockchain, the CCCPC wants to ensure “healthy development of new forms of business” with “good laws and governance,” which could be considered an indirect mention to cryptos and blockchain.
We should take into account that despite China has banned crypto mining, blockchain tech is still legal in the country.