IT Ministry Of China Moves To Create National Blockchain Standards
A government body of China considering creating national standards to boost the development of distributed ledger technology (DLT) and blockchain in the country.
Yesterday was released an announcement saying, that the Ministry of Industry and Information Technology has already, as a first step, hosted a research seminar recently to discuss how such standards frameworks might be built.
Chinas Electronics Standardization Institute under the guidance of the ministry now aims to form a committee to lead the effort.
The ministry indicated that, currently, major international standards organizations in China have already been weighing in on the topic of DLT, signaling the country’s dedication to keeping the country ahead of the curve with blockchain technology.
The IT agency said it is now eying the country’s own dedicated initiative, while China is already participating in the TC 307 commission under the International Organization for Standardization, which focuses on framework for blockchain use in authentication and smart contracts.
Though authorities have clamped down cryptocurrency-related investment activities including initial coin offerings and trading over the last year, the plan is in line with China’s positive public stance on blockchain adoption.
This announcement was published just days after China’s biggest annual political conference, and policy advisors proposed that the nation should form guidance and regulations to ease the development of blockchain technology.