China to upgrade national blockchain standards by 2025
The Chinese government has been proactively pursuing advancements in its blockchain sector and now aims to upgrade its industry development standards by the year 2025. Chinese officials have been actively developing its fintech industry, with a strong focus on blockchain technology, despite their stringent stance on cryptocurrencies. On March 28, the Ministry of Industry and Information Technology (MIIT), a watchdog for the Chinese fintech industry, said it intends to improve standards for its Blockchain technology development by the year 2025. The information comes from a draft of its guidelines published on the ministry’s website, which also calls for public opinion on the matter of Blockchain development from “all walks of life." China plans to have clarification on the level of design for its Blockchain and distributed ledger technology standards system by sometime this year, giving the public until April 28 to make any further input on the draft. This development falls in...