According to CGTN, a state-run news chain, China's Ministry of Industry and Information Technology (MIIT) has released a national standard for blockchain technology to lead the growth of the blockchain. sector in the country.
The guidelines, which are meant to be used to better understand and use new technology, are meant to standardize the functional architecture and core components of the blockchain system.
The standard, according to MIIT, aims to accelerate the standardization of the Chinese blockchain industry and encourage further growth. According to Global Times, over a hundred blockchain companies in the country have incorporated the standard into their business practices.
Improving Blockchain Technology
China's fintech industry watchdog, the Ministry of Industry and Information Technology, said on March 28 that it will raise the bar for the advancement of blockchain technology by 2025. .
The details come from draft ministry rules made available online, as well as a request for public comment on blockchain development from "all walks of life."
The public had until April 28 to provide additional comments on the project. China plans to decide on the design of its blockchain and distributed ledger technology standards system later this year.
This progress is in line with China's five-year plan for the "National Economic and Social Development and Vision 2035 of the People's Republic of China", which has set specific technological advancements as a goal for 2025.
An example of these advances is the digital sector, which includes blockchain as a growth target, and the quality of these industries, including communication equipment, basic electronic components and key software, will be improved.
Despite its strong opposition to cryptocurrencies, China has actively researched the use of blockchain technology. According to a Chinese government official in September 2022, 84% of all blockchain applications submitted worldwide came from China.
China opened a new national blockchain research center on May 10 with the aim of building links between academic institutions, programmers and blockchain companies to promote the development of the industry. The goal of this center is to conduct research and create ideas that will facilitate China's entry into the blockchain industry.
Earlier this year, the Beijing Municipal Science and Technology Commission released a white paper that covered a number of different technologies, including blockchain and AI. In this article, it was pointed out that the country is committed to the progress of web3 and metaverse and intends to lead the industry by 2025.
Several members of the cryptocurrency community, including Binance CEO Changpeng Zhao, said the well-timed release of the white paper signaled the start of a more open approach to digital assets.
According to the Chinese government, 84% of all blockchain applications submitted globally in September 2022 come from China. However, it was discovered that only 19% of all submitted applications were accepted.
Nevertheless, there is a thriving blockchain industry in China. Blockchain activity in China is home to more than 1,400 companies, according to a national white paper. It is plausible that China will relax its official stance on cryptocurrency in the near future.