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China Mulls Blockchain Technical Standardization Committee

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The Chinese government is planning to set up a standardization committee at the national level to promote the development of blockchain and the distributed ledger technology.

The Ministry of Industry and Information Technology announced on its website that discussions were held regarding the establishment of a blockchain technical standardization committee, local media reports said.

The information and software service bureau at the ministry would be in charge of setting up such a committee, the ECNS news website said.

Blockchain industry is getting increasingly standardized with the International Organization for Standardization already having a committee for the same and China as a member of the ISO.

The International Telecommunication Union and World Wide Web Consortium have also taken steps for standardization of blockchain and the distributed ledger technology.

Chinese authorities have taken strict measures to curb excessive speculation in cryptocurrencies, but top official have signaled favor for blockchain.

This month, the People's Bank of China Governor Zhou Xiaochuan said, "For blockchain projects with technological potentials, they should conduct thorough testing before rolling out services."

"Otherwise, a reckless expansion may incur serious security and financial stability issues," he warned.

by RTTNews Staff Writer

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