Multiple government departments, including the Beijing Municipal Science and Technology Commission and the Management Committee of Zhongguancun Science Park, jointly issued an announcement in mid-April, announcing the launch of a three-year key policy aimed at promoting the in-depth application of blockchain technology in key industries such as healthcare, education, finance, transportation, and artificial intelligence, and to make Beijing a global benchmark city for blockchain technology innovation. (Background: The People's Bank of China released the Financial Stability Report: It extensively mentioned the global regulatory progress on cryptocurrencies and praised Hong Kong's dual licensing system) (Background Supplement: Lawyer's Viewpoint) Why should we not be overly optimistic about China's courts ruling that holding cryptocurrencies is not illegal? Beijing Municipal Science and Technology Commission and multiple government departments jointly issued an announcement titled 'Beijing Blockchain Innovation Application Development Action Plan (2025-2027)' in mid-April this year, announcing the launch of a three-year key policy aimed at promoting the in-depth application of blockchain technology in key industries such as healthcare, education, finance, transportation, and artificial intelligence, and to make Beijing a global benchmark city for blockchain technology innovation. Beijing has fully launched a blockchain layout. According to the announcement, the action plan revolves around two main axes: technology research and development that is independently controllable and integrated industrial applications. It emphasizes strengthening the basic theoretical research of blockchain and breaking through key core technologies, including cryptography, confidential computing, and distributed systems, and aims to achieve significant technological breakthroughs such as trustworthy node storage at the byte level, credible interconnection of tens of thousands of chain networks, and mutual recognition of hundreds of millions of digital identities. In addition, the Beijing municipal government will also promote the integration of blockchain with five major fields: artificial intelligence large models, healthcare, financial services, educational resources, and transportation, with the goal of creating at least 20 benchmark application cases by 2027 to showcase the results of blockchain implementation. It is worth mentioning that one of the core concepts of this action plan is 'One Chain, One Network, One Platform', specifically: One Chain: Constructing a next-generation blockchain system with independent technology and high security; One Network: Building a large-scale, layered, multi-chain blockchain network that covers capabilities such as privacy protection, cross-chain interoperability, and dynamic networking; One Platform: Establishing a technical service platform covering general functions such as trustworthy identity, data catalog, and proof services, enhancing data collaboration and trustworthy sharing capabilities across departments and industries. China's Attitude: Embrace Technology, Exclude Coins We know that the Chinese government has long adopted a strict regulatory attitude towards cryptocurrencies, and in recent years has comprehensively banned Bitcoin mining and virtual currency trading activities, emphasizing the prevention of financial risks and the maintenance of currency sovereignty. However, Beijing's launch of the blockchain innovation application development action plan and its plans to increase investment in blockchain infrastructure and application scenarios over the next three years undoubtedly demonstrate the government's high regard and expectations for blockchain technology itself, highlighting the strategic potential of blockchain technology in digital transformation and industrial upgrading. It is evident that China's current policy direction is becoming increasingly clear, namely 'embracing blockchain and excluding cryptocurrencies'. Overall, although China still maintains a tough stance on cryptocurrencies, the policy signals released by this action plan also indicate that the development of blockchain, as an underlying innovative technology, has become difficult to reverse and is gradually entering a government-led institutionalization stage. Related Reports Wall Street Journal: Chinese Rich Flee $254 Billion in a Year, with Cryptocurrencies and Art as Regulatory Blind Spots. China's USDT trading unexpectedly shows negative premiums; investors shift from cryptocurrencies to mainland and Hong Kong stocks? China is opening up! Former Deputy Finance Minister criticizes: Cryptocurrencies are 'far behind'; it should learn from the US policy shift 'China's cryptocurrency ban is loosening.' Beijing releases blockchain plan: Aiming at five major industry applications, creating 'One Chain, One Network, One Platform.' This article was first published in BlockTempo (the most influential blockchain news media).

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