According to local state channel CGTN, the document standardizes the functional architecture and basic elements of blockchain-based systems. The standard should provide guidance and help developers better understand the use of emerging technologies. Already more than a hundred companies in the Middle Kingdom that create blockchain-based systems are using elements of the new standard.<br
Officials emphasized that MIIT will continue and even increase efforts to standardize the blockchain sphere and to implement these standards across the country. The ministry intends to “continuously improve the level of service in the industry” in order to maintain China’s strength as an industrial and digital power.
Earlier, Coinbase CEO Brian Armstrong criticized U.S. authorities for strict regulation of cryptocurrencies and said it was the Celestial Empire that benefited most from it.<br