The Chinese government and its federal authorities are increasingly involved in the blockchain space to drive innovation across the country.
The government recently released an official report saying it has convened a technical committee of 15 organizations to develop national standards for blockchain and distributed ledger technology.
This comes just three days after the Department of Industry and Information Technology (MIIT) asked for feedback on the data security standards of blockchain and other technologies.
In order to ensure that the national standards thus adopted by the Commission are in line with existing laws and also promote industrial development, the government has included people from 15 organizations with a political, financial, industrial, academic and research background.
This includes the People’s Bank of China (PBOC) Digital Currency Research Institute, MIIT, Tencent, Zhejiang University and Baidu.
The committee currently employs 71 people from those organizations, who will be chaired by MIIT Vice Minister Chen Zhaoxiong. Di Gang Vice Head of the PBOC Digital Currency Research Institute will serve as one of the five vice chairmen of the committee.
China is at the forefront of blockchain and cryptocurrency in innovation. While the United States is at the forefront of total blockchain investment, China has so far made better strides in technical implementation and regulatory reforms to support research and development in this sector.
Earlier in March, China completed the development of basic digital currency functions of the central bank and the government was drafting laws to put the digital yuan into circulation.
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