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Jyoti Singh
Apr 14, 2020
by Jyoti Singh

Chinese Government Establishes Committee To Devise National Standards

committee
The Chinese Government and its federal authorities are becoming a big fan of blockchain technology. Recently, they have created a technical team of 15 organizations to formulate national standards for blockchain and distributed ledger technology (DLT).

A few days ago, the Ministry of Industry and Information Technology (MIIT) urges the developers to give their feedback on the data security standards of blockchain and other technologies. And soon after that, the Chinese Government introduced its technical team.

Committee Forms Organisation

According to the report, the government has shortlisted a few people from the 15 organisations, which include political, financial, industrial, academic and research background. These people would go through the national standards, formulated by the committee, and check whether it is compliance with laws that already exist or not.

The report further states that presently, the committee has selected 71 people who would be looking after the national standards and they would be governed by the vice-minister of MIIT, Chen Zhaoxiong.

The vice head of the PBOC Digital Currency Research Insititute would be one of the five chairpersons to the committee.

In the present time, China is one of the leading countries that have been working very hard to innovate blockchain and cryptocurrency.

China To Soon Launch Its CBDC

The report further states that regarding the investment in the blockchain industry, the United States is the best country. Presently China has been working on the research and development of the Blockchain industry.

In March 2020, China finished the creation of the basic functions of its own central bank digital currency (CBDC) and now, it has been preparing laws so that it could soon start the circulation of it.

The report added that companies like Alibaba, Tencent, Huwai and China Merchants Bank helped the Central Bank Of China in creating the country’s own digital currency. The managing director of the Digital Renaissance Foundation, Cao Yan, mentioned that the country’s national bank chose these private companies as its developing partner because they have a great experience in blockchain industry and also in the third party payments.

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    Chinese Government Establishes Committee To Devise National Standards
    Jyoti Singh
    Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

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