BTC $83,316 
ETH $2,543 
USDT $0.9993 
BNB $749.50 
XRP $1.40 
USDC $0.9997 
SOL $111.14 
TRX $0.3316 
FIGR_HELOC $1.06
ZEC $1,305 China plans national blockchain network in digital push
A new top-level policy document from China's central leadership calls for a national blockchain network as part of broader digital economy reforms.
Key takeaways
- 19 policy measures. The national blockchain network is one of 19 measures outlined in the new top-level digital economy policy.
- 30 approved digital yuan operators. Recent digital yuan expansion has brought the number of approved banking operators to 30.
- No crypto trading permission. The policy does not lift China's existing ban on private cryptocurrency transactions for mainland residents.
What happened
China's central leadership has issued a top-level policy opinion calling for the construction of a national blockchain network, alongside an integrated national computing power network, as part of efforts to connect the digital economy with real-world production. The document, published by Xinhua News Agency on Oct. 9, outlines 19 measures to develop technology-led industries.
The policy also includes proposals to update data ownership rules, launch data-market trials, create cross-border data flow mechanisms, and encourage long-term private investment in technology development. Chinese banks have already received guidance to use blockchain for tax-data sharing and small business lending, and recent digital yuan expansion has brought the number of approved banking operators to 30.
The opinion places the national blockchain network within a section focused on connecting the real and digital economies, alongside manufacturing upgrades and national data infrastructure. It also directs authorities to advance smart manufacturing, industrial internet projects and the East Data, West Computing program, while calling for internationally competitive digital industry clusters.
Why it matters
The policy frames blockchain as core national digital infrastructure rather than a vehicle for cryptocurrency speculation. The document explicitly cautions against prioritizing virtual activity over the real economy or creating bubbles, and it makes no mention of Bitcoin or other independent crypto. China's existing ban on private cryptocurrency trading for mainland residents remains in place, and the state-backed Blockchain-based Service Network continues to prohibit cryptocurrencies like Bitcoin from operating on its rails.
What is still unclear
- It is unconfirmed whether the proposed national blockchain network will build on the existing Blockchain-based Service Network, and no implementation standards, governance rules or participating networks have been specified.
Questions readers ask
Does China's new blockchain policy allow cryptocurrency trading?
No. The policy document makes no mention of Bitcoin or other independent crypto, and China's existing ban on private cryptocurrency transactions for mainland residents remains in place.
What is the national blockchain network China plans to build?
It is a proposed national blockchain infrastructure outlined in a top-level policy opinion from the Communist Party of China Central Committee and the State Council, intended to connect the digital economy with real-world production. No implementation details or operator have been named yet.
Did Conflux get selected to run China's national blockchain network?
No. The policy document does not name Conflux as the network operator, and CFX is not mentioned as the network's token. The recent price rally for CFX reflects market speculation about its China-linked positioning, not a confirmed government selection.
