- These are the guidelines for the development of the industry
- Its goal is to accelerate the growth of blockchain technology in the country
Ministry of Industry and Information Technology of China (MIIT) presented national standard for blockchain technology. These are the guiding principles that companies will follow as they develop the industry.
The document standardizes the requirements for the architecture and the main elements of the system.
MIIT noted that the standard will accelerate the development of the techno industry in China. More than a hundred local developers are already preparing to implement it.
Despite the ban on crypto trading, China is actively exploring the introduction of blockchain technology. Last fall, the authorities said they accounted for 84% of all applications for such startups filed in the world.
In early May, the Celestial Empire opened a national blockchain research center. It will bring together universities, developers and firms that are interested in this industry.
Several members of the crypto community noted that the official move from China signaled an important change in trend. This is where a more open approach to digital assets begins.
So, the head of Coinbase Brian Armstrong sadly declaredthat the US market is already losing due to the inability to find a compromise between cryptocurrency companies and regulators. Therefore, foreign powers, especially China, will capitalize on this.