China Sets National Standard for Blockchain Technology

China's Ministry of Industry and Information Technology (MIIT) recently introduced the country's first authorized national standard for blockchain technology, as reported by state-run news channel CGTN on June 2. This standard aims to provide guidance for the industry's development within the country.

The MIIT emphasized that blockchain, a cutting-edge database mechanism integrating distributed networks, encryption technology, and smart contracts, is a crucial component of the new generation of information technology and a vital technical foundation for digital economy advancement.

China's national standard primarily focuses on blockchain and distributed ledgers, providing a fundamental and comprehensive framework that guides the application and industrial development of blockchain technology. It establishes standardized functional architecture and core elements of the system, offering industry players a reference point for unified comprehension of blockchain concepts, system construction, enhancement, and related services.

The MIIT hailed this milestone as an acceleration of China's blockchain sector standardization process, laying a solid foundation for the industry's high-quality development. Moving forward, the ministry intends to intensify efforts in developing national standards, promote widespread adoption of unified standards across the nation, and continually enhance industry service levels. These endeavors aim to support China's aspirations to become a robust manufacturing nation, a cyber powerhouse, and a digital leader.

China Embraces Blockchain Technology Despite Strict Crypto Regulations

While China maintains strict regulations on cryptocurrencies, the country has been actively exploring and embracing blockchain technology. In September 2022, a Chinese government official revealed that China accounted for a remarkable 84% of all global blockchain applications.

On May 10, China took a significant step by establishing a national blockchain research center. This center serves as a hub for collaboration among universities, developers, and blockchain businesses, fostering the growth and advancement of the industry. Its primary objective is to drive research and innovation, propelling China's expansion in the blockchain domain.

The Beijing Municipal Science and Technology Commission recently published a comprehensive white paper focusing on various technologies, including blockchain and AI. The white paper highlights China's dedication to web3 and metaverse innovations, with the ambitious goal of becoming a leading industry player by 2025.

The timing of the white paper release has been interpreted by some members of the crypto community, such as Binance CEO Changpeng Zhao, as an indication of China adopting a more open approach toward digital assets.

Furthermore, China has made notable strides in developing its digital yuan central bank digital currency (CBDC) by leveraging blockchain technology. The digital yuan has undergone trials in various regions and has witnessed considerable success since its inception.