China sets up committee to develop national blockchain and DLT standards


China sets up national blockchain committee

  • China’s tech and finance giants set up blockchain committee.

  • Committee, which will include 70 experts, will be led by the government.

  • The goal of the project is to establish standards for the use of technology.

International consortium of news organizations, developing transparency standards.

China is joining forces with its tech giants to create a national blockchain committee with a primary goal of setting standards for technology adoption in the country.

The national committee will include several large corporations in the Chinese technology sector, including Huawei Technologies, Tencent Holdings, Baidu, Ant Financial Services and

Blockchain standards

The National Technical Committee for Blockchain and Distributed Ledger Standardization will also consist of 70 researchers and experts. These are representatives of local authorities, state-supported research centers, universities and computing centers..

So far, none of the companies have commented on the creation of the committee, but at this stage it is clear that the PRC has seriously focused its attention on distributed ledger technology and attaches great importance to it, intending to develop industry standards at the national level..

Blockchain bet

On the other hand, the independent nature of the blockchain contradicts such plans of the authorities..

China sets up national blockchain committee

Who would have thought that as technology and its development would be at the epicenter of an initiative at the state level as it developed??

It should be noted here that the Celestial Empire is becoming more active in this direction than any other country. The authorities are taking a tough stance on technology, and their ultimate goal is to create a so-called sovereign blockchain. We will also remind that China is actively working on the launch of its own digital currency., which will be fully controlled by the Central Bank of the country.

Now that the peak of the coronavirus pandemic in the country seems to have passed, the government is determined to focus on emerging and promising technologies..

Recently, in the country as a whole, interest in the blockchain has been growing.

China sets up national blockchain committee

Photos of China’s future digital currency have been leaked recently, and soon the country plans to transfer most of its foreign exchange reserves to the digital system..

At the same time, everything that happens is at odds with the original idea behind the blockchain technology, the main principles of which are decentralization, anonymity and the absence of intermediaries..

China sets up national blockchain committee

Governments and corporations saw incredible benefits in technology, talking about the areas of its adoption, and ultimately this trend may lead to the so-called “stablecoin war” in the current decade.

In any case, China is currently the leader in the development of blockchain innovation, which could lead to a revival in the cryptocurrency market this year..



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