A recent document from the Central Committee of the Communist Party of China alongside the State Council has clearly outlined the government’s ambition to develop a national blockchain network.
The report, titled “Views on the Development of New Qualified Productive Forces,” emphasizes the need for a more thorough integration of the real economy with the digital economy. It details the government’s plans to enhance data infrastructure, expedite digital transformation within manufacturing, and back various industrial internet initiatives.
Furthermore, the document reveals that China will propel its “Processing Eastern Data in the West” initiative, which aims to create a unified computing power network linking data centers and computing resources throughout the nation. This proposed national blockchain network is expected to play a crucial role within this extensive digital framework.
Interestingly, the statement did not reference Bitcoin, Ethereum, or any other cryptocurrency, nor did it clarify if the anticipated infrastructure would be a permissionless, public blockchain featuring its own cryptocurrency.
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This decision does not signify a shift in China’s stance toward cryptocurrency trading or the lifting of existing bans. Historically, China has imposed restrictions on cryptocurrency transactions while endorsing the growth of permissioned blockchain solutions for governmental bodies, corporations, and industrial uses.
The forthcoming network is anticipated to facilitate functions such as public data sharing, digital identity management, supply chain monitoring, financial reconciliation, and industry data verification. However, the report lacks specifics about the network’s technical structure, expected launch timeline, budget, or the governing agency.
China’s National Development and Reform Commission also outlined a “national blockchain network construction initiative” for the period from 2026 to 2030. This new document confirms the inclusion of this goal in the broader economic transformation strategy set forth by the country’s leading political and administrative authorities.
The Chinese government’s announcement has sparked growing interest in Conflux ($CFX), which is being positioned as a compliant public blockchain within the nation.
Market observers believe that Conflux could gain from China’s plan to broaden its blockchain infrastructure, leading to a roughly 28% surge in the $CFX price.
Market statistics indicate that Conflux’s trading volume over the last day reached about $204 million, with its total market capitalization sitting at $357 million. This trading volume represents roughly 57% of its market cap, highlighting notable trading activity for this altcoin.
Additionally, $CFX’s Relative Strength Index (RSI) climbed to 63, suggesting that upward momentum is gaining strength without entering the overbought territory, which is typically defined as above 70.
*This article does not constitute investment advice.