China Releases National Blockchain Standard to Drive Industry Development

China Releases National Blockchain Standard to Drive Industry Development

China’s Ministry of Industry and Information Technology (MIIT) has recently unveiled standardized guidelines for the blockchain industry, aiming to foster its rapid development and widespread adoption within the country. According to a report from state-run news channel CGTN on June 2, the guidelines provide a comprehensive framework for the functional architecture and core elements of blockchain systems. This standardized approach serves as a valuable reference for better understanding and leveraging the potential of this emerging technology.

The MIIT emphasized that the national standard is intended to expedite the standardization process within China’s blockchain industry, driving further advancements and applications. The Global Times reported that more than a hundred blockchain companies in the country have already begun implementing the guidelines in their operations, ensuring greater consistency and interoperability.

Despite China’s strict regulations on cryptocurrencies, the country has demonstrated a proactive approach to exploring the potential of blockchain technology. In fact, a Chinese government official previously stated that China accounts for a significant 84% of all blockchain applications filed worldwide as of September 2022.

To further support the growth of the blockchain industry, China launched a national blockchain research center on May 10. This center aims to foster collaboration among universities, developers, and blockchain businesses to drive innovation and propel the industry forward. Its primary focus is on conducting research and developing groundbreaking solutions that will contribute to China’s expansion in the blockchain space.

Additionally, the Beijing Municipal Science and Technology Commission recently published a white paper highlighting various cutting-edge technologies, including blockchain and AI. The white paper underscores a firm commitment to web3 and metaverse innovations, with a vision to position China as an industry leader by 2025.

The release of this white paper, along with the initiatives taken by the Chinese government, has been perceived by several members of the crypto community, such as Binance CEO Changpeng Zhao, as a signal of a more open approach towards digital assets in China.

Moreover, China has made significant strides in leveraging blockchain technology for the development of its digital currency, the digital yuan central bank digital currency (CBDC). The digital yuan has undergone trials in various jurisdictions and has achieved considerable success since its inception.

These recent developments highlight China’s proactive stance toward blockchain technology, as the country aims to establish itself as a global leader in this rapidly evolving industry.