China seeks to have the nationwide Blockchain-based standards released before 2019 ends. This s according to the information provided by a government official to the local news on 10th May.
While talking to Xinhua’s Economic Information Daily (EID), the Blockchain research office director in the standards institute under the auspices of the Chinese IT ministry, Li Ming declared that people and professionals who were conversant with the sector started working on the project and making sure that it is ongoing.
The group, involved in ensuring that various agencies of the government are brought together will be called the Blockchain and Distributed Accounting Technology Standardization Committee.
Just as the EID reported, Beijing is not in the expectation of new legislation to “quickly advance the development of the [Blockchain] industry”, especially in China.
According to Li, this will offer guidance to the industry.
The China-based authorities have however promoted the championship in the Blockchain potential in the last few months. In late April, the digital currency director in the PBoC (Peoples Bank of China) Yao Qian made an explanation saying that the technology was involved in the warrant of further research, attention, and also cautioning in regard to the volatile nature of the current state.
To make sure that the competition is maintained globally, the exploration of Blockchain is not an option, especially in Beijing. Yu Kequn said to the EID;
“The development of blockchain technology may become an important step for China to grasp global technological competition.”