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China

Chinese Government to Issue Blockchain Standardisation says Party Insider

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Blockchain Industry: The Latest from China

China is set to make wholesale changes and advancements in their blockchain laws and regulations later this year it has been revealed by a voice close to the government.

Li Ming, director of the Blockchain Research Office of China Electronics/Technology Standardization Research Institute, has said at the end of the year, the definition of blockchain standardization will be issued, according to reports.

Ming said that the blockchain national standards include basic standards, business and application standards, process and method standards, credibility and interoperability standards, and information security standards.

According to Jinse, the think tanks of the Ministry of Industry and Information Technology, including the Institute of Information Technology and the China Electronics Technology Standardization Institute, are beginning organizing the construction of blockchain industry standards. In addition, private institutions are driven by business needs, and they have begun to actively participate in the construction of blockchain standards.

China’s blockchain standardization work is no recent thing, starting as early as 2016. Under the guidance of the Information and Software Services Division of the Ministry of Industry and Information Technology, the China Electronics Technology Standardization Institute organized the dominant enterprises in the domestic blockchain field in 2016.

In China, the State Council has included blockchain technology in the “13th Five-Year Plan”. At the same time, China has already established blockchain national standards and promoted the construction of blockchain standards system from the top-level design.

However, the acceptance of blockchain technology does not matched that of the cryptocurrencies. News broke this week that the Chinese government is considering a nationwide ban on mining bitcoin, after China’s National Development and Reform Commission has listed cryptocurrency mining on the list of industries to phase out.

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