China’s IT Ministry Wants to Standardize Blockchain

China blockchain

According to a paper published on March 23th, the Chinese Ministry of Industry and Information Technology (CMIIT) listed many objectives in order to promote technologies such as blockchain.

China’s Industry of Information Technology and Software Service Division will focus on respecting industry and government standards and regulations, says the filing.

The document explains that it will “Promote the establishment […] of The National Blockchain and Distributed Accounting Technology Standardisation committee.” The document also states that the group wants to create international standards blockchain certain features of the blockchain technology such as “in Blockchain reference architectures, data format specification, interoperability, and smart contracts.”

Last week, the National Development and Reform Commission partnered with the Investment Association of China (IAC) to develop an “international blockchain investment development center.”

According to The Paper, the partnership’s objective is “to fully link domestic and international blockchain resources, invest in high-quality projects in China’s blockchain industry, provide consulting services for foreign investment and financing blockchains, and organize Related seminars and international blockchain summit forum.”

There have been many news recently regarding blockchain in China. JD announced last week that it will launch a blockchain platform.

The Bank of China also mentioned lately that the cryptocurrency market should be regulated in order for the technology not to spread too fast.