China has held strong opposition towards cryptocurrencies and initial coin offerings (ICOs) due to their subversion of national welfare, however, the country has been a strong proponent of blockchain technology. Currently the government-backed China Electronics Standardization Institute (CESI), that oversees standardization of the field of electronics and IT industry, is about to launch three blockchain standards covering the guidelines recommended for smart contracts, privacy, and deposits. China’s Ministry of Industry and Information Technology (MIIT), director of the Blockchain Research Office, Li Ming, was recently interviewed by local media outlet Deep Tech, where he affirmed that the three standards are just recommendation, and is not national dogma.
Li stated that these standards can act as the core foundation governing blockchain nationally and internationally, but can be supplemented or amended as seen fit.
The three standards are set to be drafted by the Blockchain Technology and Industry Development Forum (CBD Forum) before 2019. The CBD Forum was established under the supervision of the Ministry of Industry and Information Technology of China back in October of 2016.
While at the Shanghai blockchain conference, Craig Dunn, chairman of the International Standardization Technical Committee for Distributed Ledger, stated that more than 50 countries are currently developing blockchain standards.