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China Unveils National Standard For Blockchain Development
China’s MIIT recently unveiled a new document aimed at standardizing and accelerating the development of blockchain technology in the country.
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According to a recent report, China’s Ministry of Industry and Information Technology (MIIT) recently released a new national standard for the development of blockchain technology. The standard is also aimed at further standardizing the technology in the country.
China’s MIIT Moves to Standardize and Accelerate 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 standardizing the technology in the country as well as accelerating its development.
While China has so far been mostly hostile towards cryptocurrencies at large even banning most cryptocurrencies even imposing a ban in 2021, it has been actively exploring the use of blockchain technology. The MIIT also considers it a key element for the development of the country’s digital economy.
One of the best-known uses of blockchain technology in China is the development of its CBDC. The digital yuan is one of the first central-bank digital currencies to have entered development and China launched its first CBDC wallet dispenser earlier this year, albeit with somewhat underwhelming results.
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Countries Worldwide Seriously Tackling Blockchain Technology
In recent months, multiple 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 as its new set of rules, again enabling access to digital assets to retail investors is coming 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 been receiving a great deal of criticism for its apparent tardiness in properly tackling 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 the development of digital assets, and this year saw the formation of the Subcommittee on Digital Assets, Financial Technology and Inclusion.
Do you think Mainland China could soon warm up to digital assets? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder 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 on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
