From the near past, we have been looking that Chinese government is working to develop the blockchain industry with taking several initiatives. A total of 37 crypto projects have been evaluated in this country very recently.
China’s Ministry of Industry and Information Technology (MIIT) formed a group with 71 companies and public entities to negotiate and set industry standards for distributed ledger technology. The ministry disclosed this list with an attractive title namely ‘’National Blockchain Distributed Accounting Technology Standards for Distributed ledger Technology.’’
Expansion of technology sector has been caught sight with the participation of Huawei, Chinese multinational technology company providing consumer electronics and smartphones, Baidu, a Chinese multinational company specializing in internet-related services, Tencent, Chinese multinational conglomerate company, Ant Financial, an affiliate company of the Chinese Alibaba Group, and JD.com, a Chinese e-commerce company, in the committee. Their technology sector has also been adorned with several arms of the People’s Bank of China (PBoC) involving in technological research.
Several other sectors including insurance and banking are also represented. The Chinese government Xi Jinping has been actively focusing on this sector and making it technogically advanced. The government wants to seize the opportunity and drive technogical innovation across all sectors using blockchain technology indeed.
But to do this equal compliance among all regulators and industry bodies from other countries are essential indeed. An attempt from the MIIT and an affiliated research group was done in China back in 2018. Huawei has been always in favor of digital currency and insisted China to rival Libra after it was unveiled by Facebook. But the phone manufacturer added smartphone-compatible crypto wallet apps as well as blockchain-as-service (BaaS) platform that allowed users to write their own smart contracts back in 2018. A blockchain startup namely Conflux is developing scaling solutions receiving backing from the Shanghai government in December.