After Banning Cryptocurrencies, China Set To Release A Blockchain National Standard In 2022.
31 Oct 2021, 08:00
After Banning Cryptocurrencies, China Set To Release A Blockchain National Standard In 2022
China’s recent antics show it loves blockchain but loathes cryptocurrencies. The country is plotting a blanket policy for the nationwide adoption of the novel technology.
Blockchain, Not CryptocurrenciesThe China Electronics Standardization Institute has revealed that it will issue a national standard for the adoption of blockchain technology. This was revealed by a top-ranking official of the institute to news platform, Chuanguan. The technology standardization body’s plans are in line with the broader plans of the government concerning the novel technology.
Li Ming, a director at the Blockchain Research Office revealed that a draft is already in place and the next process is to seek approval for it. Lini argues that standardization is necessary for the industry as it offers uniformity and greater collaboration amongst manufacturers. According to several sources, the reason for the framework and advancements in blockchain tech is for the government to export Chinese-made blockchain products globally.