- This is an industry development guideline
- It aims to accelerate the growth of blockchain technology in the country
The Chinese Ministry of Industry and Information Technology (MIIT) has introduced a national standard for blockchain technology. These are guidelines to guide companies in developing the industry.
The document standardizes requirements for the architecture and basic elements of the system.
The MIIT said the standard will accelerate the development of the tech industry in China. More than a hundred local developers are already preparing to implement it.
Despite the ban on crypto trading, China is actively exploring the adoption of blockchain technology. Last fall, authorities said they accounted for 84 percent of all applications for such startups filed worldwide.
In early May, the Celestial Empire opened a national research center on blockchain. It will bring together universities, developers and firms that are interested in the industry.
Some members of the cryptocurrency community have noted that official moves from China signal an important trend change. Here begins a more open approach to digital assets.
For example, Coinbase CEO Brian Armstrong sadly stated that the U.S. market is already losing because of an inability to find a compromise between cryptocurrency companies and regulators. Therefore, foreign powers, especially China, will profit from this.