According to the official document published on the Cyberspace Administration of China (CAC) website, Chinese authorities call for acceleration of the development of standards for the blockchain industry.
As the main purpose for accelerated standardization, the government cites the enormous possibilities of the blockchain industry, which go far beyond the cryptocurrency use case.
The author of the document is Zhou Ping, Ministry of Industry and Information Technology (MIIT). Ping emphasizes that blockchain standardization work has started all the way back in 2016, outlining five categories of the blockchain standardization: foundation, processes and method, interoperability, business and applications, and information security. Zhou Ping calls on the country to expedite standardization, in order for China to “seize the opportunity to play a key role in the international development of blockchain standards.”
According to Li Ming, director of China’s Blockchain Research Office, a dedicated group has been already formed and has commenced the work on the standardization guidelines. The standards will be issued as soon as possible, but not later than the end of 2019, Ming said.