China Government Begins Blockchain Standards Creation, Eyes 2019 Deadline
China’s government has reportedly begun working on national standards for blockchain technology in the country. Li Ming, director of the Blockchain Research Office at the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology, said the government had already announced the plans. These take the form of “basic, business and application standards” which will be “safety and interoperability.”
A dedicated working group dubbed the Blockchain and Distributed Ledger Technology Standardization Committee, will handle development of the project.
Yu Kequn, director of the National Center for Information Technology Security Research, told Sina.com the move reflected a desire to keep up with the international pace of change. He stated, “The development of blockchain technology may become an important step for China to grasp global technological competition”. China has already sought to experiment with private blockchains in various forms, continuing its narrative that the technology holds promise for the economy while cryptocurrencies themselves remain outlawed.
March saw the launch of the government Blockchain Registry Open Platform (BROP), designed to streamline government processes under the directorship of a string of entities under the ultimate control of the People’s Bank of China (PBOC). The new standards are not designed to transform the Chinese blockchain space overnight, Li says.
So, domestic businesses whose activities make them persona non grata at home continue to find ways of circumventing Beijing’s crypto ban.
This week, Bitcoinist reported on how mining company Canaan Creative was planning on delivering a $1 billion IPO using Hong Kong as a base.