China aims to build Blockchain digital infrastructure by 2025

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The city of Shanghai in China has unveiled a comprehensive implementation plan to develop its urban blockchain digital infrastructure system between 2023 and 2025. The announcement stated that this plan is a crucial part of Shanghai's strategic goal to transform itself digitally and enhance the application of blockchain technology in the economy, public services, and urban governance.

The plan is designed to capitalise on the breakthroughs achieved in blockchain core technology and standard system construction, which have created a thriving industrial ecosystem with significant innovation momentum. It is also expected to foster the growth of leading and innovative companies with influential roles in the industry.

The implementation plan is not limited to Shanghai alone. It aims to facilitate the coordination of blockchain network resources across the Yangtze River Delta region in China. Additionally, it seeks to establish an international blockchain exchange hub, signalling the city's ambitions to become a global leader in the blockchain space.

China's push to develop its blockchain infrastructure is part of a broader vision to explore the potential of blockchain technology and its integration into various sectors of the real economy. The plan emphasises the importance of rapid on-chain and cross-chain deployment capabilities to fuel the growth of Shanghai's technological expertise.

The move comes amidst heightened geopolitical tensions between China and the United States, with technology and crypto emerging as significant battlegrounds. While China has already demonstrated its dominance in crypto, with Chinese-affiliated exchanges leading global trading, the U.S. must catch up due to regulatory uncertainties and its limited presence in the crypto exchange market.