The Chinese Government Will Raise Blockchain Technology Standards Until 2025

China's Ministry of Industry and Information Technology (MIIT) announced plans to raise blockchain technology standards, (photo: doc. Pixabay)

JAKARTA - On Tuesday, March 28, China's Ministry of Industry and Information Technology (MIIT) announced plans to upgrade its blockchain technology standards by 2025.

MIIT, as the industry watchdog in the country, will endeavor to explain the top-level design of a distributed ledger and blockchain technology standard system by 2023, before refining the standard system by 2025, according to a draft guide available on the ministry's website.

MIIT is seeking comments on the draft until April 28.

The Chinese government itself has adopted blockchain technology in various sectors. Some examples of the use of blockchain by the Chinese government are:

1. Warehouse management system for logistics: The Chinese government has used blockchain technology to manage the supply chain and inventory in the logistics sector.

2. Digital identity system: The Chinese government is developing a digital identity system that uses blockchain technology to increase the security and reliability of identity data.

3. Use of blockchain in the financial sector: The Chinese government has permitted several banks and financial institutions to pilot the use of blockchain technology in financial transactions.

4. Tax oversight system: The Chinese government has used blockchain technology to monitor tax payments and improve the efficiency of tax collection.

5. Urban planning systems: Several cities in China have used blockchain technology to increase efficiency in urban planning and development.

However, the Chinese government also has a complex history of regulating blockchain technology. In 2017, the Chinese government banned ICOs (Initial Coin Offerings) and local cryptocurrency exchanges, which led to a decline in cryptocurrency prices globally.

The Chinese government is also tightening rules and supervision of blockchain and cryptocurrency activities in the country.