China's IT Ministry will create official Blockchain standards

A Chinese government agency is considering the creation of national standards to boost the development of Blockchain and distributed accounting technology (DLT) in the country.

According to an announcement published yesterday, the Ministry of Industry and Information Technology has already organized, as a first step, a research seminar recently to analyze how such regulatory frameworks could be built.

The effort, proposed by the Electronic Standards Institute of China under the guidance of the ministry, now aims to form a committee to direct the effort

The ministry said that currently, the main organizations of international standards in China have already been analyzing the issue of DLT, which indicates the country's dedication to keep the country ahead of the curve with Blockchain technology.

While China is already participating in the TC 307 commission under the International Organization for Standardization, which focuses on the framework for the use of Blockchain in authentication and smart contracts, the IT agency said that it is now looking at the country's own dedicated initiative. .

The plan is also in line with China's positive public stance on the adoption of the block chain, although the authorities have restricted investment activities related to the cryptocurrency, including initial offers of currencies and commercial operations during the last year. .

The announcement comes a few days after China's largest annual political conference, in which several political advisers proposed that the nation should form a guide and regulations to facilitate the development of Blockchain technology.