Government on China is considering the introduction of national standards for projects based on blockchain. It is expected that it will accelerate the market growth of decentralized technologies and scales the use of distributed registers.

Yesterday’s announcement, published on the official website of the Ministry, reports on the first step. At the preparatory stage was conducted by the research seminar, which discussed the main directions of standardization and methods of its implementation and regulation. As a result, on the basis of the proposal of the Institute of standardization China electronics programme was created. The implementation will be entrusted to the not-yet-formed Committee, under the auspices of the Ministry of industry and information technology.

Representatives of the Ministry stressed that many of the major international standards organizations in China to actively attend to the subject of the DLT, indicating the country’s intention to take the position of leader in blockchain technology. Technically China is already a member of the Commission on the blockchain and DLT ISO, but the authorities do not rule out the introduction of regulatory initiatives at the Federal level.

We will remind that last year the Chinese authorities banned the cryptocurrency exchange and ICO. In addition, the Supervisory authorities of the PRC to track the presence of Chinese traders on foreign resources. However, Beijing intends to become a leader in the digital economy.