China Government Begins Blockchain Standards Creation, Eyes 2019 Deadline

China wants to release hard-and-fast standards rules for blockchain by the end of 2019, a government source told local media May 10th.
Staying Competitive
Speaking to, Li Ming, director of the Blockchain Research Office at the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology, said the government had already announced the plans.
These take the form of “basic, business and application standards” which will be “safety and interoperability.”

A dedicated working group, dubbed the Blockchain and Distributed Ledger Technology Standardization Committee, will handle development of the project.
Yu Kequn, director of the National Center for Information Technology Security Research, told Sina the move reflected a desire to keep up with the international pace of change. He stated:
The development of blockchain technology may become an important step for China to grasp global technological competition.
No Overnight Revolution
China has already sought to experiment with private blockchains in various forms, continuing its narrative that the technology holds promise for the economy while cryptocurrencies themselves remain outlawed.
March saw the launch of the government Blockchain Registry Open Platform (BROP), designed to streamline government processes under the directorship of a string of entities …

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