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In 2019 China Seeks To Grant Blockchain Standards

May 11, 2018 Posted /  2467 Views

In 2019 China Seeks To Grant Blockchain Standards

A government official revealed to a local news media, China aims to issue blockchain standards across the nation before 2019 ends.

Addressing Xinxua's Economic Information Daily (EID), Li Ming, the director of the Blockchain Research Office at the standards established under the support of China's IT Ministry, said a committed working team had started to work on the project.

The group which unites different government institutions will be called the Blockchain and Distributed Accounting Technology Standardisation Committee.

According to EID's report, Beijing does not anticipate that the new enactment will rapidly propel the advancement of the blockchain industry in China.

Li states that it will give the industry some direction.

Lately, authorities of China carries on to master blockchain's potential. Towards the end of April, the director of the Digital Currency Institute at the People's Bank of China (PBoC), Yao Qian said that the technology justified further consideration and research, while cautioned on the unpredictable nature of its present undeveloped state.

As per Yu Kequn, director of the National Centre for Information Technology Security Research revealed to EID, to stay focused globally, research on blockchain is imminent for Beijing, he further added:

The advancement of blockchain innovation may turn into a crucial step for China to have a grip on the worldwide technological competition.

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Tags: China Blockchain Standards blockchain

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