China’s Ministry of Industry and Information Technology is considering creating national standards to bolster the development of blockchain and distributed ledger technology, Coindesk has reported.
The ministry said yesterday that it had already hosted a research seminar to discuss how it might approach the creation of such standards frameworks. As a next step, the ministry will aim to form a committee to lead the effort.
While China has banned certain activities related to blockchain and cryptocurrencies, such as initial coin offerings and centralised digital currency trading, the country’s authorities have publically maintained a positive view on blockchain technology. The latest initiative signals that the authorities are determined to keep the country at the forefront of the burgeoning sector and adds to existing efforts in that direction.
In yesterday’s announcement the IT ministry indicated that major international standards organisations in China had already been weighing in on the topic of distributed ledger technologies. As noted by Coindesk, China is already participating in the TC 307 commission under the International Organization for Standardization, which aims to create framework for blockchain use in authentication and smart contracts.
The announcement comes just days after China’s annul political event, known as the “Two Sessions”. During the event, a number of policy advisors and prominent business figures in the country voiced their opinions on blockchain and the need for guidance and regulations to ease the development of the technology.