China Plans National Blockchain Network And Digital Yuan Expansion

According to CryptoNews, China has called for a national blockchain network and an integrated computing power network in a policy document covering 19 measures to develop technology-led industries and connect the digital economy with real-world production. Xinhua News Agency published the opinion issued by the Communist Party of China Central Committee and the State Council on Oct. 9, placing the national blockchain infrastructure alongside manufacturing upgrades and data infrastructure rules.

Digital Yuan and Banking Expansion

The policy initiatives coincide with wider developments in China's digital currency sector. On Aug. 17, the People’s Bank of China announced it had approved eight additional banking operators, raising the digital yuan network’s total from 22 to 30 approved operators. The central bank connected the expansion to the 2026–2030 national planning period to improve access to secure and convenient digital services. Earlier, ICBC’s Shanghai branch and ICBC Singapore settled nearly 10 million yuan in import shipping fees through the upgraded Digital Currency Express platform.

Regulatory Frameworks and Restrictions

Under the new policy documents, authorities are directed to improve rules governing data ownership, trading, rights allocation, and participant interest protection. Meanwhile, regional authorities like Guangdong’s Department of Commerce proposed cross-border digital yuan trials in free trade zone development plans. Concurrently, separate regulatory notices from the People’s Bank of China and other agencies issued earlier in the year extended oversight to stablecoins and tokenized assets, maintaining strict restrictions on virtual currency businesses and mining.

Key facts

• China's policy document outlines 19 measures connecting the digital economy with real-world production, featuring a national blockchain network.
• The People’s Bank of China approved eight additional banking operators, bringing the total digital yuan network participants to 30.
• ICBC settled nearly 10 million yuan in import shipping fees using the Digital Currency Express platform.
• Regulatory agencies maintain strict restrictions on virtual currency businesses, mining, and offshore renminbi-pegged stablecoin issuance.