The Chinese government set up a national blockchain committee, with the participation of Baidu and Tencent




China National Blockchain Network BSN will launch in April 2020


China is increasingly going into blockchain space to foster innovation across the country.


In a latest development, the Chinese central government has launched one official announcement that they have set up a technical committee of 15 organizations to introduce national standards for blockchain technology and decentralized ledgers.


The move comes just three days after the Ministry of Industry and Information Technology (MIIT) called for feedback on blockchain data security standards and other technologies.


A comprehensive committee


In order to ensure the national standards set by the committee will comply with applicable laws and also accelerate the development of this industry, the Chinese government has selected 15 organizations from political backgrounds, finance, industry, academia and research.


This includes the People's Bank of China Digital Currency Research Institute (PBoC), MIIT, Tencent, Zhejiang University and Baidu.


The committee currently lists 71 members from these organizations, of which MIIT vice president Chen Zhaoxiong will hold the chairperson of the committee. Di Gang - deputy director of the Digital Currency Research Institute, will serve as one of the committee's five vice presidents.


China is showing progress on blockchain and digital currencies


China has led the blockchain and cryptocurrency space in terms of innovation. While the United States leads in total investment in blockchain, China has shown remarkable progress in terms of technical implementation and regulatory reforms to support research and development in the field to date. this.


In early March, China completed the development of the basic functions of the national digital currency and the government also drafted a law to start circulating the digital yuan.


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According to CoinTelegraph
Translated by ToiYeuBitcoin