In Brief:
- China’s technology standardization body will issue a national standard for blockchain next year.
- The draft of these standards is prepared by China Electronics Standardization Institute.
An official from China Electronics Standardization Institute said that China’s technology standardization body will issue a national standard for blockchain next year, Chuanguan (a Chinese local news outlet maintained by Sichuan Daily) reported.
In Chengdu, Sichuan, at the Fifth China Blockchain Development Competition, director of the standardization body’s Blockchain Research Office Li Ming said the institute has drafted a standard and is in the process of approving it.
China’s Ministry of Industry and Information Technology oversees the China Electronics Standardization institute which is drafting the tech standards.
LI cited the example of WiFi or Bluetooth to illustrate how standards are essential to industry. Without a unified standard, devices from different manufacturers would be unable to connect.
As soon as the standard is set, the body will develop evaluation criteria to create a “beneficent” ecosystem, the director said.
Once the standards are finalised China is also expected to resume its launch of CBDC (Central Bank Digital Currencies) very soon which will work on Ethereum and Dime. Experts assume that the goal of these projects is to export Chinese-made blockchain and standards.
While clamping down on crypto, China is looking to promote blockchain innovations and applications in enterprises and governments across the country.
Blockchain is a key component of the government’s latest Five-Year Plan, which outlines its development goals alongside artificial intelligence, big data, and cloud computing.
