Chinese policy advisors from across various sectors are weighing in on domestic blockchain development during the first days of an ongoing annual political event.
Commonly known as the “Two Sessions” – comprising the National People’s Congress (NPC) and Chinese People’s Political Consultative Conference (CPPCC) – the event this year has already seen a wide range of comments on blockchain from provincial and municipal representatives to CEOs of major internet firms. The event started on March 3.
The NPC is China’s top legislative arm, which proposes policies and oversees its enforcement, while the CPPCC serves a consultative function for lawmakers, with its membership coming from corporates and political parties, as well as ethnic groups in China. Both events are hosted every spring over the course of 10-14 days at national, provincial and municipal levels.
While the topic of blockchain has yet to make it to the lawmakers’ agenda, comments from CPPCC members have brought attention to the tech to both local and national political events.
Applications are key
While China has already clamped down on initial coin offerings (ICOs) and fiat-to-crypto order book trading since September 2017, the government is still stepping up its support for turning blockchain technology into real-life applications.
Speaking to that effort, Pony Ma, CEO of Chinese internet giant Tencent, said in a press Q&A session during the CPPCC conference that his firm is actively exploring various scenarios that could see the application of blockchain technology, according to a report from Sohu.