The Chinese central government has established a technical committee to work on nationwide blockchain standards.
On 13 April the Ministry of Industry and Information Technology (MIIT) issued the “Public Notice on the Formation of a National Blockchain and Distributed Ledger Technology Standardisation Technical Committee” (全国区块链和分布式记账技术标准化技术委员会组建公示).
According to the Notice the new committee will be comprised of 71 people from political, industrial, academic and research organisations, and be chaired by MIIT vice-minister Chen Zhaoxiong (陈肇雄).
Di Gang (狄刚), vice-head of the Chinese central bank’s Digital Currency Research Institute, will also serve as one of the Committee’s five vice-chairs.
Organisations contributing members to the technical committee include:
- The China Electronic Technical Standardisation Research Institute,
- The China Information and Communications Research Institute,
- The People’s Bank of China (PBOC) Digital Currency Research Institute,
- The Central Internet Security and Information Commission,
- Zhejiang University,
- Beijing University of Aviation and Aeronautics,
- Tsinghua University,
- Peking University,
- Fudan University,
- JD Digital,
- Ping An International Smart City Keji Share Limited Company,
- Zhongan Information Technology Services Co., Ltd.
The People’s Bank of China (PBOC) recently released the “Financial Distributed Ledger Technology Security Standards” (金融分布式账本技术安全规范) (JR/T 0184—2020), which were drafted by its Digital Research Institute in cooperation with key members of the banking sector including ICBC, Bank of China, China Construction Bank and the China Development Bank.
According to domestic media reports PBOC is currently accelerating work on its central bank digital currency (CBDC), with the formation of the new technical committee expected to pave the way for an imminent release.