Blockchain
According to a recent report, China’s Ministry of Industry and Information Technology (MIIT) recently released a new national standard for blockchain technology development. The standard also aims to further standardize the technology in the country.
China’s MIIT is taking steps to standardize and accelerate the development of Blockchain technology
China’s Ministry of Industry and Information Technology (MIIT) recently unveiled a new standard for the development of blockchain technology in the country. The standard is reportedly aimed at further standardizing the technology in the country and accelerating its development.
While China has been largely hostile to cryptocurrencies in general so far, banning most cryptocurrencies and even imposing a ban in 2021, it has been actively exploring the use of blockchain technology. The MIIT also considers it a key element for the development of the country’s digital economy.
One of the best-known applications of blockchain technology in China is the development of the CBDC. The digital yuan is one of the first central bank digital currencies to emerge, and China launched its first CBDC wallet dispenser earlier this year, albeit with somewhat disappointing results.
Countries around the world taking Blockchain technology seriously
In recent months, multiple countries have been actively developing comprehensive legal frameworks aimed at regulating blockchain technology and digital assets.
In recent weeks, Hong Kong has been most prominent as the new set of rules comes into effect again this month for access to digital assets for retail investors. The EU has also received much praise for its comprehensive Markets in Crypto-Assets (MiCA) which has already been adopted by the European Parliament and the European Commission.
While the United States has been widely criticized for its apparent slowness in properly addressing blockchain-related legislation, some work has already been done to address the shortcomings. In September 2022, the White House unveiled its first-ever digital asset development framework, and this year created the Subcommittee on Digital Assets, Financial Technology, and Inclusion.
