China publishes national blockchain standard

China publishes national blockchain standard


China’s Ministry of Industry and Information Technology (MIIT) has published a national standard for blockchain technology to guide the development of the industry in the country, state-run news channel CGTN reported on June 2.

The guideline reportedly standardizes the blockchain system’s functional architecture and core elements, and serves as a reference to better understand and utilize the new technology.

MIIT reportedly stated that the standard aims to accelerate the standardization of China’s blockchain industry and drive further development. Global Times reported that over a hundred blockchain companies in the country have applied the standard to their operations.

China is pro-blockchain technology

Despite China’s strict anti-crypto stance, the Asian country has been actively exploring the use of blockchain technology. In September 2022, a Chinese official said that the country accounts for 84% of all blockchain applications filed worldwide.

On May 10, China launched a new national blockchain research center designed to connect universities, developers and blockchain companies, promoting the industry’s growth. This center is tasked with developing research and innovations that can advance China’s expansion into the blockchain space.

The Beijing Municipal Science and Technology Commission recently published a white paper covering various technologies, such as blockchain and AI. The white paper emphasizes a commitment to web3 and metaverse innovations and plans to become an industry leader by 2025.

Several members of the crypto community, including Binance CEO Changpeng Zhao, noted that the timing of the white paper signaled the beginning of a more open approach to digital assets.

China has also leveraged blockchain technology to make significant progress in developing its digital yuan CBDC. The national digital currency has been tried out in several jurisdictions and has had some success since development began.

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