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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. informed of On 2 June.

The guideline reportedly standardizes the functional architecture and core elements of blockchain systems, serving as a reference to better understand and use the emerging technology.

MIIT reportedly said that the standard aims to accelerate the standardization of China’s blockchain industry and drive its further development. Global Timesinformed of There are more than a hundred blockchain companies in the country implementing the standard for 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 government official Said The country accounts for 84% of all blockchain applications filed worldwide.

China on May 10 launched A new National Blockchain Research Center designed to connect universities, developers and blockchain businesses to fuel industry development. The center is tasked with researching and developing innovations that can further China’s expansion in 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 commitment to Web 3 and metaverse innovations and plans to become an industry leader by 2025.

Many crypto community members, 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 tested in several jurisdictions and has met with some success since its development began.

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