China has established a committee to develop national standards for Blockchain and DLT

   In China, a technical committee of 15 organizations has been established to develop national standards for block and distributed registry technology (DLT).

The Chinese Government is increasingly involved in promoting innovation based on DLT technology throughout the country. After the Ministry of Industry and Information Technology (MIIT) requested information on the data security standards for blockades and other technologies three days ago, the Chinese Government published a notice that it had established a technical committee of 15 organizations to develop national standards for blockades and distributed registry technology (DLT).

The new committee includes the People's Bank of China (NBK) Digital Currency Research Institute, MIIT, Tencent, Zhejiang University and Baidu.

The committee now has 71 members from these organizations. Chen Zhaoxiong, Vice-Minister of the MIIT, has been appointed Chairman of the Committee. Di Gang, deputy head of the NBK Digital Currency Research Institute, will be one of the five vice-chairmen of the committee.

Today, China is a leader in innovation in block and digital currency. The Chinese authorities have made great progress both in the technical implementation of new technologies and in regulatory reforms aimed at supporting research and development in this sector. As for the amount of investment in the blockaded industry, the US is leading the way.

At the end of March, it became known that the People's Bank of China (PBOC) has completed the next stage of developing the state crypt currency in cooperation with private companies. At the same time, it became known that the NBK was working on a legislative framework for circulation of digital yuan.