It has been reported that China has adopted blockchain as a priority of national policies. Chinese authorities have also been involved in creating a major central bank cryptocurrency in the country and transactions will be also possible across different countries. It was one of the first major legal tenders to go digital on a blockchain-based platform.
Recently a public notice from the Chinese government stated that, under the government, fifteen organizations have come together to form a technical committee that will be responsible for the framing of standards for development and implementation of blockchain and distributed ledger technology within the country.
And only three days before the day of issuing this notice, the Ministry of Industry and Information Technology had called for feedback on the data security standards for blockchain and other advanced technologies dealing with large volumes of users’ data.
One of the main functions of the committee is to ensure that the standards which are to be developed are consistent with all the existing laws of the land. And to ensure this committee is constituted of members from different government agencies and non-governmental organizations.
This includes organizations from different sectors, including political, legal, financial, banking, and even academic and research organizations are part of this committee. The committee presently consists of 71 people from organizations like People’s Bank of China’s Digital Currency Research Institute, Ministry of Industry and Information Technology, Tencent, Zhejiang University and Baidu.
The committee will be chaired by the vice-minister of the Ministry of Industry and Information Technology, Chen Zhaoxiong and under him, there will be five vice-chairs, one of which will be the Digital Currency Research Institute’s vice head, Di Gang. While China is taking its policy of rapid development quite seriously, on the other hand, leaders from across the world are watching Chinese ambitions with suspicion as China marches ahead full throttle.