China to Complete Three Blockchain Standards by End-2019

Oct 08, 2018 at 21:19

Despite the continuing strict stance against cryptocurrencies, the China Electronics Standardization Institute (CESI), a government office under the country’s Ministry of Industry and Information Technology expressed its plans to release three blockchain standards in the country.

According to China Money Network, the blockchain standards will be for smart contracts, privacy and deposits that will be association-based.

The standards which include basics, information security, process, method, business, application and credible standards will provide the basis for national and global standards that is intended to be released by the end of 2019 to spur further development in the industry.

Meanwhile, CESI’s Blockchain Technology and Industry Development Forum (CBD Forum) is expected to draft the standards before the end of the year.

It can be recalled that the Ministry of Industry and Information Technology of China that launched CBD Forum in 2016 was also the organization behind the publishing of the China Blockchain Technology and Application Development White Paper and the Reference Architecture of Blockchain standards.

Earlier this year, the country’s IT ministry already urged the government with the need to develop standards as soon as possible, to create at least seven standards covering core blockchain facets such as smart contracts.

However, the standards that will be published by the agency are meant to be recommendations and reference guides and are not in any way mandatory.

Last month, a new trade and finance blockchain platform backed by the People’s Bank of China started its pilot operations in the Shenzhen region.

Despite all these developments, Baidu, China’s largest online search website, has enforced stricter regulations last August on all crypto-related content in its portal as well as restricted all crypto related topics.