China publishes national blockchain standard
China has released standardized guidelines for the blockchain industry to boost its rapid growth and adoption in the country.
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, a state-run news channel CGTN reported on June 2.
The guideline reportedly standardizes the blockchain system’s functional architecture and core elements, serving as a reference to better understand and utilize the emerging technology.
MIIT reportedly stated that the standard aims to accelerate the standardization of China’s blockchain industry and drive its further development. Global Times reported that over a hundred blockchain companies in the country have been applying the standard to their operations.
China is pro-blockchain technology
Despite China’s strict anti-crypto stance, the Asian country has actively explored the use of blockchain technology. In September 2022, a Chinese government official said 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 businesses, fostering the industry’s growth. This center is tasked with developing research and innovations that can further 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 crypto community members, including Binance CEO Changpeng Zhao, noted that the white paper’s timing 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 trialed in several jurisdictions and has enjoyed some success since its development began.