A dedicated group formed to create a nationwide Blockchain standards began working in China. The new standards should be released by the end of 2019. The news came from a government official on 10th May.
The project is already underway. The group will be called Blockchain and Distributed Accounting Technology Standardisation Committee and will connect various government agencies.
Li Ming, a director of the Blockchain Research Office, told the Xinxua’s Economic Information Daily (EID) that Beijing does not expect the new legislation to “quickly advance the development of the [blockchain] industry”. The aim is to “give the industry some guidance,” instead.
China is looking to be an important player in regards to Blockchain technology. The director of the National Center for Information Technology Security Research explained that
“The development of blockchain technology may become an important step for China to grasp global technological competition.”
Also, the director of the Digital Currency Institute at the People’s Bank of China, Yao Qian, expressed that the technology needed “further attention and research”.
China already has some successes in Blockchain technology adoption. In April this year, a shipment of gasoline between China and Singapore was completed using Blockchain technology. The transaction was the first where Blockchain was applied to all participants of the commodity trading process.
Do you think that China will impact the global Blockchain adoption by releasing its own standards? Let us know in the comments below!