China launches public consultation, sees improved blockchain standards by 2025

Given the increasing adoption rates recorded in the sector, China’s government is seeking ways to improve the country’s blockchain standards.

The Ministry of Industry and Information Technology (MIIT) has taken the initiative to create uniform standards for blockchain across China. The ministry revealed in a statement that the timeframe for the new development measures is planned for 2025.

On Tuesday, a public hearing was launched to seek stakeholder opinions on the best ways to upgrade the national blockchain standard. Interested people from “all walks of life” are encouraged to share their proposals for improving regulation across the industry.

The public consultation process is expected to last a month, ending on 28 April. The comments from the process will be collected and released by the Ministry’s Department for Natural Sciences and Technology at a later date.

According to its planned guidelines for the construction of standard systems for blockchain and distributed ledger technology, China hopes to clarify the design level related to blockchain systems to ensure uniformity across all operators. The plans are in line with “the spirit of General Secretary Xi Jinping’s important instructions” to improve conditions in China’s digital economy.

Both China’s long-term and short-term economic and social development plans place a premium on blockchain technology. In line with its goals, the country announced the creation of a blockchain research center that will promote healthy collaboration between local universities to accelerate the achievement of its goals.

Almost 1,500 distributed ledger companies are based in China, representing a large part of the global market share. Chinese firms contributed to 84% of all blockchain applications globally, but despite the impressive numbers, only 19% of applications were approved.

Digital currency ban does not stop blockchain’s brilliance

China’s ban on digital currencies in 2021 did little to dampen blockchain enthusiasm in the country. While miners and digital currency exchanges were forced to leave the country, other operators in the area continued to thrive against all odds.

Non-fungible tokens (NFT) and blockchain-based games saw their adoption rate go through the roof without clear rules against their operations. NFTs were granted property rights under Chinese law via legal precedent, while the gaming sector was left unscathed on the condition that they did not promote speculation.

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