China’s Ministry of Industry and Information Technology announced Monday its plans to set up a national committee for the standardization of blockchain and distributed ledger technologies.
The move comes against the backdrop of an increasingly standardized industry. International standardization entities, including the International Organization for Standardization (ISO), International Telecommunication Union (ITU), and World Wide Web Consortium (W3C) have pioneered this initiative. China is a participant in drafting the standards compiled by the blockchain arm of ISO, according to the announcement.
China has witnessed an impressive growth for the sector with a 30-fold increase in the total cryptocurrency market capitalization during the year. The enthusiasm of Chinese tech giants is evident in the increasing number of firms involved in the sector. Baidu, Xiaomi and NetEase all launched their crypto pet project. E-commerce giant JD launched AI Catapult Accelerator to focus on blockchain startups.