Gov’t Official in China says Blockchain ‘Standard’ will be Issued in 2019

3816 Total Views

China would Issue Blockchain ‘Standards’ In 2019, Says Gov’t Official

One of the government officials told China would be releasing national blockchain standards by the end of 2019.

While talking with Xinxua’s Economic Information Daily (EID) Li Ming, the director of the Blockchain Research Office at the standards institute under the sponsorship of China’s IT Ministry, told that a dedicated working group had already started working on the project.

The group is getting ready to bring the various government agencies together and will be known as the Blockchain and Distributed Accounting Technology Standardization Committee.

According to the report:

“Beijing does not expect the new legislation to quickly advance the development of the [blockchain] industry in China. It will give the industry some guidance.”

Chinese authorities have already started to become champion in blockchain potentialities. In April, the director of the Digital Currency Institute at the People’s Bank of China (PBoC) Yao Qian told that the technology justified more attention and research while warning on the volatile nature of its current nascent state.

According to Yu Kequn, director of the National Center for Information Technology Security Research blockchain exploration is inevitable for Beijing.

He said:

“The development of blockchain technology may become an important step for China to grasp global technological competition.”

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.