The Chinese government is developing standards for the blockchain and DLT

The Chinese government is considering the establishment of national standards to encourage the development of blockchain technology and distributed registry (DLT) in the country.

According to published reports, the Ministry of industry and information technology has already held a research workshop to discuss the development of such standards. This initiative, proposed by the Institute of standardization China electronics, working under the leadership of the Ministry, currently aimed at the establishment of the Committee, who will lead the development of standards.

While China is already part of the Commission for the development of an international standard TC 307 under the International organization for standardization, which is focused on the development of standards for the use of the blockchain in the identification and smart contracts, the Ministry said it plans to develop its own initiatives in the country.

This plan reaffirms the positive attitude of China on the implementation of the blockchain, although the authorities banned almost all transactions associated with cryptocurrencies including initial placement of tokens and the work of cryptocurrency exchanges.

The announcement came a few days after a member of one of the main political Advisory councils of China proposed
the establishment of a national cryptocurrency exchanges and has told about plans of the government to regulate the blockchain and cryptocurrency.

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