China publishes national blockchain standard

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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.

The post Chi­na pub­lish­es nation­al blockchain stan­dard appeared first on Cryp­toSlate.

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