China works on domestic blockchain standards, the China Money Network reports. The country, famous for its cryptocurrency ban regulations, now seems to be ready to accept standards on using the blockchain technology. The standards will not be mandatory but only recommended and a part of an international project about blockchain regulations.
The announcement was stated by Li Ming, a director of blockchain research lab of the China Electronics Standardization Institute (CESI), a government organization under the Ministry of Industry and Information Technology (MIIT) when speaking to the Chinese media outlet DeepTech.
The three blockchain standards will be based on the association requirements rather than on governmental ones. The standards will be focused on the operation of smart contracts, privacy and deposit processes, as well as information security standards, and business and application ones. The goal is to guide the blockchain development of the Asian country. The standards are going to be used for a base for international ones, the announcement says because it is urgent to regulate online activity on a global level.
However, the lab of CESI says the standards would be drafted around the end of the year and submitted in 2019, the earliest.
The blockchain is gradually being accepted, and more and more people are beginning to recognize, invest in or use blockchain. But at the same time, many people are skeptical and international standards are needed,
Craig Dunn said, according to the Chinese media, a chairman of the International Standardization Technical Committee for Distributed Ledger Technology.
At present, more than 50 countries are participating in the development of blockchain standards, including China.
The news comes after a rough ban of the Initial Coin Offerings (ICO) and all crypto-related procedures in 2017. The Chinese government does not show crypto-friendly policies at all and trading platforms decided to move to countries with better conditions. The step is a part of a whole financial strategy, aiming to stabilize the country’s economy, financial experts say.