Given the great proliferation of blockchain and ledger, the Chinese Ministry of Industry and Information Technology has announced that a national committee for the standardization of these technologies will be established.
Although the announcement was only given on Monday, the largest international standardization entities have confirmed their availability for this choice. We are talking about the International Organization for Standardization (ISO), the International Telecommunication Union (ITU) and the World Wide Web Consortium (W3C).
A moderation of the sector, after all, is becoming necessary. In fact, China has been hit by an exponential growth for the field in question, with a 30-fold increase in market capitalization for cryptocurrency. China has seen impressive growth for the sector with a 30-fold increase in the total market capitalization of cryptocurrency during the year.
The enthusiasm of the Chinese technology giants is also highlighted by the growing number of companies involved in the sector. Baidu, Xiaomi and NetEase, in fact, launched their own encrypted project, while the e-commerce giant JD launched AI Catapult Accelerator to focus on blockchain start-ups.
But the regulation of the boom is certainly not simple. The central government in Beijing is certainly eager to feed a wider adoption of blockchain technologies, but all this must go through the creation of frameworks and standards.
The aim, not too hidden, is to protect and educate investors in an unregulated cryptocurrency ecosystem. Despite the rumors of a centralized digital currency, the governor of the Chinese central bank Zhou Xiaochuan said that the country, which still does not recognize Bitcoin as a legitimate payment method, is in no hurry to issue its own digital currency.