China sets up committee to develop national blockchain and DLT standards

In China, a technical committee of 15 organizations has been established to develop national standards for blockchain anddistributed ledger technology (DLT).

The Chinese government is increasingly involved inpromoting nationwide innovations based on blockchain technology. After the Ministry of Industry and Information Technology (MIIT) requested information on blockchain data security standards and other technologies three days ago, the Chinese government issued a notice saying that it had created a technical committee of 15 organizations to develop national blockchain standards and distributed technology registry (DLT).

The new committee includes the People’s Bank of China Digital Currency Research Institute (NBK), MIIT, Tencent, Zhejiang University and Baidu.

Now the committee employs 71 people from theseorganizations. MIIT Vice Minister Chen Zhaoxiong has been appointed chairman of the committee. Di Gang, Deputy Head of the NBK Institute for Digital Currency Research, will be one of the five vice chairs of the committee.

Today, China is a leaderblockchain and digital currency innovations. The Chinese authorities have made great strides both in the technical implementation of new technologies and in regulatory reforms, which are aimed at supporting research and development in this sector. As for the volume of investments in the blockchain industry, the United States leads here.

At the end of March, it became known that the People’sThe Bank of China (NBK) has completed the next stage in the development of state cryptocurrency in cooperation with private companies. Then it became known that the NBK is working on a legislative framework for the conversion of the digital renminbi.

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