The Chinese Ministry of Industry and Information Technology (MIT) has announced plans to revise and update national technology standards for the fintech and blockchain industries.
To accomplish this goal, the Ministry has initiated public consultations with stakeholders regarding its “Program for Building a Standard Blockchain System and Distributed Ledger Technology until 2025”.
As part of this process, officials have called on the public to share their views and contribute to the development of the future project.
The agency hopes to receive feedback from participants of public hearings on the necessary level of updates required for the national blockchain technology system and distributed registry by April 28th.
The proposed updates would focus on improving communication equipment, electronic components, and software critical for supporting distributed ledger technologies, as well as the basic use of blockchain in fintech companies.
Official documents indicate that there are currently over 1,400 blockchain companies operating in China.
The successful implementation of the program is expected to encourage growth in the national blockchain industry and potentially establish China as a global leader in the field.
In February, the ministry authorized the creation of a blockchain technology center in Beijing with the objective of studying blockchain practices in the interest of industry and the economy.