Beijing called for a national blockchain network in new guidelines from the Party leadership and State Council. It fits a 13-year pattern: ban the tokens, back the tech.

Banks were barred from Bitcoin in 2013, ICOs and local exchanges were shut in 2017, and all crypto trading and mining were banned in 2021. In between, Xi Jinping named blockchain a core technology in 2019, and the state BSN network and e-CNY pilots launched in 2020. Hong Kong now licenses stablecoin issuers, while the mainland ban still stands.

The market still trades China headlines: CKB gained 32.2% over the past week and CFX 17.2%, though the document names no tokens.

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