The government in China is getting further involved in the blockchain industry to help push forward its innovation throughout the country. In a recent release, the government announced an official notice which stated that they have to put together a technical committee of 15 organisations to help devise a plan for national standards on the emerging technology and distributed ledger technology.
To help ensure that national standards are being set up by the committee in question, they are in compliance with the current existing laws and also promote the development of the industry. The government has included people from 15 different organisations with
backgrounds in the finance, industrial, academic, political and research space.
This includes people from the People’s Bank of China, MIIT, Tencent and Zhejiang University, to name a few.
When it comes to innovation, China has been the leading country when it comes to these emerging kinds of technology. Even in the western world, the United States is leading the way when he comes to total investments for blockchain products and protocols but China has been seeing significantly more progress when it comes to the integration and regulatory work in the industry.