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Given the rising adoption rates recorded in the sector, China’s government is seeking ways to improve the country’s blockchain standards.
The Ministry of Industry and Information Technology (MIIT) has taken the initiative to create uniform standards for blockchain throughout China. The ministry disclosed in a statement that the timeframe for the new developmental initiatives is scheduled for 2025.
On Tuesday, a public consultation was launched to seek stakeholders’ opinions on the best ways to upgrade the national blockchain standard. Interested individuals from “all walks of life” are encouraged to share their suggestions on improving regulation over the entire industry.
The public consultative process is expected to run for a month, ending April 28. The comments from the process will be compiled and released by the ministry’s Department of Science and Technology at a future date.
Under its planned Guidelines for the Construction of Blockchain and Distributed Ledger Technology Standard Systems, China hopes to clarify the level of design relating to blockchain systems to ensure uniformity across all operators. The plans are in line with “the spirit of General Secretary Xi Jinping’s important instructions” to improve the conditions of China’s digital economy.
Both China’s long and short-term economic and social development plans place a premium on blockchain technology. In line with its objectives, the country announced the creation of a blockchain research center that will foster healthy collaboration between local universities to fast-track the attainment of its targets.
Nearly 1,500 companies dabbling with distributed ledgers are domiciled in China, representing a large chunk of the global market share. Chinese firms contributed to 84% of all blockchain applications globally, but despite the impressive figures, only 19% of the applications were approved.
Digital currency ban does not stop blockchain’s shine
China’s ban on digital currencies in 2021 did little to dim the enthusiasm for blockchain in the country. While miners and digital currency exchanges were forced to leave the country, other operators in the space continued to thrive against all odds.
Non-fungible tokens (NFT) and blockchain-based gaming saw their adoption rates rise through the roof without clear regulations against their operations. NFTs were conferred with property rights under Chinese law via judicial precedent, while the gaming sector was left unscathed on the condition that they did not promote speculation.
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