China Assembles Technical Committee for National Blockchain and Distributed Ledger Standards

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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:

  • MIIT,
  • 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,
  • Tencent,
  • Baidu,
  • 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.

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