After the World's First CBDC, China Now Wants to Build a Blockchain-Based Government
Following the world’s first pilot of CBDC, the Chinese government now has plans to turn the country’s capital into a blockchain-based city.
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In a 145-page document, the Beijing municipal administration presented a two-year roadmap for a blockchain-based programmable governance model. More than 100 government services in China are already using blockchain technology.
The move comes on the heels of China’s central bank digital currencies launch (CBDCs) earlier this year.
China’s Blueprint for a Programmable City
In the blueprint, officials explain how the framework would increase the efficiency of data sharing and communication between various governmental and business agents.
The paper mentioned a dozen focus-areas ranging from logistics to enterprise governance. Importantly, controversial surveillance mechanisms like identification and social credit systems were not mentioned, despite previous announcements.
The document is in line with the recently revealed Beijing Blockchain Innovation Development Action Plan 2020-2022.
The country has made blockchain a focus ever since Xi Jinping’s speech in October 2019, which called for more research and investment in this technology. Among the country’s other initiatives are the Blockchain-based Service Network (BSN) launched in April 2020, and blockchain development in Hainan Resort Software Community.