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Ahmed Barakat
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China announced crypto plans for a national blockchain network. The proposal appeared in a policy document from the Communist Party of China Central Committee and the State Council, made public by Xinhua. The document frames blockchain within a wider digital-economy expansion, while mainland China’s ban on cryptocurrency transactions remains in place.
The China policy document, titled “Opinions of the CPC Central Committee and the State Council on Developing New Productive Forces,” makes no mention of Bitcoin or other independent crypto. Its broader agenda includes digitizing manufacturing, building a national integrated computing-power network, and advancing the “Eastern Data, Western Computing” project, which shifts data storage and computing activity toward western regions.
Beijing’s support for blockchain as infrastructure may create opportunities in enterprise and government systems, but it does not amount to permission for mainland residents to trade private cryptocurrencies. China’s existing state-backed Blockchain-based Service Network (BSN) supports government and business applications while prohibiting cryptocurrencies such as Bitcoin from operating on its rails.
Whether the proposed national system builds on BSN is possible but unconfirmed. The policy also cautions against prioritizing virtual activity over the real economy or creating bubbles, a signal that the stated objective is practical integration with manufacturing and other economic activity, not unrestricted token speculation.
Related blockchain applications include atomic settlement of tokenized assets and regulated controls for on-chain financial products, but neither establishes how China’s network will be designed.
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CFX’s Rally on China Crypto Positioning
IBTimes reported that investor interest in China-linked Conflux increased after the announcement, with CFX climbing from Saturday morning and reaching highs above $0.07 on Sunday. At 8:00 a.m. EDT that day, it was near $0.066, more than 26% above the previous close.
The source describes CFX as widely seen as China’s only regulatory-compliant public blockchain, citing Conflux’s work with state-backed corporations, its approach to unregulated crypto token sales within China, and its founders’ professional and academic ties to state-run Tsinghua University.
But the policy document does not name Conflux as the operator of the proposed network, nor does it say CFX will be used as its token. The rally prices an association and a possible future benefit, not a government selection or confirmed integration.
The China narrative can attract speculative demand quickly, while any durable fundamental case would require evidence of a role in pilots, standards, or deployed infrastructure. The policy announcement supplies none of those confirmations. It supports the view that blockchain is part of China’s digital economy agenda.
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CFX Price Snapshot: Event Highs and Later Data Differ
The reported event-session reference was approximately $0.066 at 8:00 a.m. EDT on October 11, after CFX had traded above $0.07.
| Market reference | Price or range | Context |
| IBTimes event-time quote | About $0.066 | 8:00 a.m. EDT, Sunday, October 11; more than 26% above Saturday’s close |
| Reported Sunday high | Above $0.07 | Price level reached during the policy-driven move |
| Later CoinGecko snapshot | $0.06327; 24-hour range $0.06272–$0.07270 | Separate market-data observation |
The near-term test is whether the market continues to assign value to Conflux’s China-linked positioning after the headline reaction, while policy details remain unspecified. Until authorities identify implementation standards, governance or participating networks, the announcement is a meaningful infrastructure signal-but not confirmation that CFX has secured a place in China’s national blockchain network.
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