China has introduced a single national blockchain development standard – Bits Media

Chinese Ministry of Industry and Information Technologies (MIIT) introduced the national standard of blockchain technology, which should help in the development of the industry in the country.

According to the local state channel CGTN, This document standardizes Functional architecture and basic elements of systems based on blockchain. The standard should become a guideline and help developers to better understand the principles of using developing technologies. Already now more than a hundred companies from the Middle Kingdom, creating systems based on blockchain, use elements of the new standard.

Representatives of the department emphasized, that Miit will continue and even increase the efforts to standardize the blockchain sphere and the implementation of these standards throughout the country. The Ministry is going to "constantly increase the level of service in this industry", to maintain the power of China as an industrial and digital power.

Earlier, Coinbase General Director Brian Armstrong (Brian Armstrong) criticized the US authorities for strict regulation of cryptocurrencies and declared, that the Middle Kingdom benefits the most from this.