China's Ministry of Technology will create official Blockchain standards

Although the country participates in the initiatives of the International Organization for Standardization, now it wants to create its own regulations.

A Chinese government body is considering the creation of national standards to promote Blockchain development and distributed general ledger (DLT) technology in that country.

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

The effort, proposed by the China Electronic Standards Institute 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 the DLT, which indicates the country's dedication to keep the nation at the forefront of Blockchain technology.

China currently participates in the TC 307 commission of the International Organization for Standardization, which focuses on legislation on the use of Blockchain in the area of ​​authentication and smart contracts, but now the country is focusing on its own initiatives.

The plan is also in line with China's positive public stance on the adoption of the Blockchain technology, although the authorities have restricted investment activities related to digital currencies, including the Initial Offers of Cryptocurrencies 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.