In a bid to proffer some form of national standards for the fast-budding blockchain industry, China has launched a blockchain committee.
According to China’s Ministry of Industry and Information Technology (MIIT), the committee comprises 71 members. Amongst which are top names like Tencent, Huawei, Baidu, etc.
The committee named the ‘National Blockchain and Distributed Accounting Technology Standardization Technical Committee‘ is expected to lay the groundwork of blockchain standardization in the country. Also serving as a guide to China’s upcoming blockchain and crypto industry.
Though the People’s Republic of China has proven to be quite hostile to cryptocurrencies worldwide. It, however, has shown quite a positive interest in blockchain technology. The launch of this committee is also an indicator of its interest in decentralized technology.
China to ‘seize the opportunity’
Several sectors were well represented in the committee. Sectors like insurance, banking conglomerates, car coupling components manufacturer Wan Xiang. Tech sector was also duly represented by Huawei, Baidu, fin-tech firms Tencent, Ant Financial e-commerce firm JD.com. Other delegates include some of the country’s major universities and law enforcement agencies. People’s Bank of China (PBoC) also has delegates in the committee alongside the digital yuan initiative.
Ensuring almost all sectors are represented in the committee might be a pointer to what Premier Xi Jinping implied in his speech in October 2019. During the speech, he stated clearly that China must “seize the opportunity”. And lead technological innovation not just in blockchain technology but across all sectors.
Tech giant Huawei, for one, has had a lot to say about China’s blockchain sphere. Following the unveiling of Facebook’s highly controversial stablecoin Libra, the tech giant advised the Chinese government to create a CBDC to rival the stablecoin. In 2018, Huawei launched a smartphone-compatible…