China unveils national standard for blockchain development

According to a recent report, China’s Institute of Industry and Information Technology (MIIT) has recently released a new national standard for the development of blockchain technology. The standard is also aimed at further standardization of the technology in the country.

China’s MIIT is moving to standardize and accelerate the development of blockchain technology

China’s Ministry of Industry and Information Technology (MIIT) has recently unveiled a new standard for the development of blockchain technology in the country. The standard is reportedly aimed at further standardization of technology in the country, as well as accelerating development.

While China has so far been mostly hostile to cryptocurrencies in general, even banning most cryptocurrencies and even imposing a ban in 2021, they have been actively exploring the use of blockchain technology. MIIT also considers it a key element for the development of the country’s digital economy.

One of the most well-known applications of blockchain technology in China is the development of CBDC. The digital yuan is one of the first central bank digital currencies to evolve, and China launched its first CBDC wallet dispenser earlier this year, albeit with somewhat underwhelming results.

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Countries around the world that are seriously tackling blockchain technology

In recent months, several countries have been actively working on the development of comprehensive legal frameworks aimed at governing blockchain technology and digital assets.

In recent weeks, Hong Kong has been the most prominent since the new regulations, again enabling access to digital assets for retail investors, come into effect this month. The EU has also seen much praise thanks to its comprehensive Markets in Crypto-Assets (MiCA) which has already been adopted by the European Parliament and the European Commission.

While the United States has received much criticism for its apparent tardiness in properly handling blockchain-related legislation, some work has already been done to address the shortcomings. In September 2022, the White House unveiled its first-ever framework for digital asset development, and this year a subcommittee on digital assets, financial technology and inclusion was formed.

Do you think Mainland China may soon warm up to digital assets? Let us know in the comments below.

About the author

Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.