A China national blockchain network plan landed in hard copy this weekend: Beijing published a policy document on Friday calling for a state-built blockchain backbone, wrapped inside a wider push to accelerate its digital economy. What it is not is any hint of a thaw on cryptocurrencies — the 2021 blanket ban on crypto transactions stays exactly where it was.
The document, titled “Opinions of the CPC Central Committee and the State Council on Developing New Productive Forces,” was released by official state news agency Xinhua. It contains no mention of Bitcoin or other independent cryptocurrencies, and people hoping for a Beijing-sized pivot will have to keep waiting.
What the China national blockchain network plan actually says
The blueprint reaches well beyond one network. It calls for deeper integration of China’s digital and real economies, the digitalization of manufacturing, a “national integrated computing power network,” and expansion of the “Eastern Data, Western Computing” project — a mega-infrastructure venture that stores data generated in the densely populated east in the less-developed, resource-rich west.
Implementation sits with two heavyweights: the Central Financial and Economic Affairs Commission and the National Development and Reform Commission. Officials were also handed a caution — do not “abandon the real economy for the virtual economy,” pursue “large-scale and comprehensive development,” or create “bubbles.” In regulatory drafting, that last word is doing Olympic-level heavy lifting.
Meanwhile, the digital yuan keeps rolling: in August, Beijing expanded the number of banks authorized to operate digital yuan services from 22 to 30.
The crypto ban stays — and markets read the fine print
China’s ban, in place since 2021, covers all cryptocurrency transactions and extends to foreign crypto companies attempting to serve mainland residents. None of that changes here. Beijing already runs a state-backed platform, the Blockchain-based Service Network (BSN), which supports enterprise and government applications but prohibits cryptocurrencies like Bitcoin from operating on its rails. It is possible, though unconfirmed, that the new system will build on BSN.
Traders spent the weekend trading the adjacency rather than the policy: Conflux (CFX), widely regarded as the only regulatory-compliant public blockchain in China, climbed steadily from Saturday morning and surged above $0.07 on Sunday, changing hands around $0.066 at 8 a.m. EDT — up more than 26% from Saturday’s close. Conflux works closely with state-backed corporations, avoids selling unregulated tokens within Chinese borders, and counts the state-run Tsinghua University among its founding affiliations.
Read it plainly: Beijing is content to run the blockchain railroad. It just doesn’t want private crypto riding the train.
Source: Reuters via Yahoo Finance, October 11, 2026.
