The Chinese regime and its federal authorities are getting increasingly involved in the blockchain space to push forward innovation throughout the country.

In the latest, the authorities released an official observe stating that they have put together a technical committee of 15 organizations to devise national standards for blockchain and distributed ledger technology.

This comes only three days later on the Ministry of Industry and Information Engineering science (MIIT) called for feedback on the data security standards of blockchain and other technologies.

An all-inclusive committee

To ensure that the national standards thus set by the commission are in compliance with the existing laws and also promote the development of the manufacture, the authorities has included people from 15 organizations from political, financial, industrial, academic and research backgrounds.

This includes the People'southward Bank of Communist china (PBOC) Digital Currency Enquiry Institue, MIIT, Tencent, Zhe­jiang Uni­ver­sity and Baidu.

The committee currently lists 71 people from those organizations, who volition be chaired by MIIT vice-min­is­ter Chen Zhaox­iong. The PBOC Digital Currency Research Institute'southward vice head Di Gang will deed as one of the five vice chairs to the committee.

Mainland china is progressing in blockchain and digital currency

Communist china has been leading the blockchain and cryptocurrency infinite in terms of innovation. While the Us leads the way in terms of total investments in blockchain, China has so far shown improve progress in terms of technical implementation and regulatory reforms to support research and development in this sector.

Earlier in March, China completed the evolution of the basic functions of its cardinal banking company digital currency and the government was on to drafting laws to start circulating the digital yuan.