China’s Ministry of Industry and Information Technology is advocating to establish blockchain standards “as soon as possible.”
The ministry’s division of Information and Software Services will team with the China Electronics Standardization Institute in a committee to devoted to blockchain standards. China is already a member of the International Organization for Standardization (ISO), which has been working on standardization of blockchain. It is unclear from the announcement whether there is some dissatisfaction with that organization’s pace or ideas.
China has banned initial coin offerings (ICO) and cryptocurrency trading by its citizens, but still supports the various opportunities afforded by blockchain technology outside of the currencies. Several online retailers and financial institutions have explored uses for the technology in supply chain issues.