Loading...

China forms National Blockchain Committee to set standards for blockchain in China

National Blockchain Committee

Most read

Loading Most Ready posts..

China has joined hands with various tech giants in the country to form a national blockchain committee that aims to set the standard for blockchain adoption in the country. The committee includes the country’s tech giants such as Tencent Holdings, Huawei Technologies, Baidu, among few others.

China’s national blockchain committee

The committee called the National Blockchain, and Distributed Accounting Technology Standardisation Technical Committee would also include 70 researchers and experts with the aim of setting a standard for the country’s blockchain adoption.

These 70 researchers and experts belong to various local governments, state-led think tanks, universities, and other computing centers. As of yet, none of the companies included in the national blockchain committee have spoken about its formation.

However, China has been pushing blockchain adoption in the country since last year as it recognized it as an emerging technology. China has invested many resources included human resources, on its blockchain push, as well as the development of a central bank digital currency (CBDC).

China’s blockchain push

Currently, it seems like China has a handle on its COVID-19 situation and therefore wants to focus on developing emerging technologies. Many countries have been exploring and investing in blockchain, but none surpass China, which has been working on a state-backed cryptocurrency since mid-2019.

Furthermore, China’s struggle for blockchain adoption was encouraged by President Xi Jinping, who encouraged the development of technology for administrative purposes.

However, this is not what blockchain and distributed ledger technology (DLT) are about. Blockchain has always been about transparency and decentralization that focus on removing the middleman. However, China’s blockchain push is a far cry from it, and whether that’s good or bad can only be seen in the future.

Featured image by pixabay.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Stay on top of crypto news, get daily updates in your inbox

Related News

Wall Street Journal
Cryptopolitan
Subscribe to CryptoPolitan