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 functional architecture and core elements of the blockchain system and serves as a reference to better understand and use the emerging technology.
MIIT reportedly stated that the standard aims to accelerate the standardization of China’s blockchain industry and boost its further development. Worldwide times reported that more than 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 researching the use of blockchain technology. In September 2022, a Chinese government official said the country accounts for 84% of all blockchain applications filed globally.
On May 10, China launched a new National Blockchain Research Center designed to connect universities, developers, and blockchain companies to foster industry 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 on various technologies, such as blockchain and AI. The white paper highlights 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 white paper’s timing marked 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 trialled in several jurisdictions and has met with some success since its development.
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