Cryptocurrency

China publishes national blockchain standard

China’s Ministry of Industry and Information Technology (MIIT) has released a national standard for blockchain technology to guide the development of domestic industries, state news channel CGTN reported. report June 2.

The guidelines reportedly standardize the functional architecture and core elements of blockchain systems and serve as a reference for a deeper understanding and utilization of emerging technologies.

MIIT reportedly said the standard aims to accelerate the standardization of China’s blockchain industry and promote its further development. Global Times report More than 100 blockchain companies in the country have applied the standard to their operations.

China supports blockchain technology

Despite China’s tough anti-crypto stance, the Asian nation has been actively exploring the use of blockchain technology. In September 2022, Chinese government officials Said The country accounts for 84% of all blockchain applications filed worldwide.

May 10, China launched A new national blockchain research center that aims to bring together universities, developers and blockchain companies to drive growth in the industry. The center is tasked with developing research and innovation that can facilitate China’s expansion into the blockchain space.

The Beijing Municipal Science and Technology Commission recently released a white paper covering various technologies such as blockchain and AI. The whitepaper highlights Web3 and the Metaverse’s commitment to innovation and its plans to become an industry leader by 2025.

Several members of the cryptocurrency community, including Binance CEO Changpeng Chao, noted that the timing of the white paper’s release marks the beginning of a more open approach to digital assets.

China has also made great strides in developing a digital yuan CBDC by leveraging blockchain technology. This national digital currency has been trialed in several jurisdictions with some success since development began.

An article in which China published its national blockchain standard was first published on CryptoSlate.

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