The government of China has announced members of its national blockchain committee that would work on setting industrial standards. The committee comprises of 71 members, including executives from tech giants Baidu and Tencent, as per the announcement from the country’s Ministry of Industry and Information Technology. Other members of the committee include executives from well-known companies and universities, such as Baidu, Tencent, Huawei, Peking University, Tsinghua University, Fudan University, and several others.
China’s National Blockchain Committee would set industrial standards.
China’s Ministry of Industry and Information Technology informed that the National Blockchain and Distributed Ledger Technology Standardisation Technical Committee was formed after getting approval from the National Standardization Management Committee. The national blockchain committee would work to set industry standards in the country. MIIT deputy minister Chen Zhaoxiong chairs the national blockchain committee, and it includes five vice presidents, including the one from People’s Bank of China Digital Currency Research Institute.
China to go ahead with its CBDC launch as planned.
The People’s Bank of China earlier revealed that they would push through with the CBDC as planned. The launch of Chinese centralized digital currency is scheduled to take place sometime this year. Earlier. There were reports claiming that the central bank of China might put its plan to launch its national digital currency on hold because of the coronavirus outbreak. However, the central bank of China clarified that they would push through with the cryptocurrency as planned. Chinese national digital currency dubbed as DC/EP is scheduled to launch sometime this year.
The People’s Bank of China has been working on its national digital currency for the last five to six years and is now close to launching it. China would become the world’s first major country to issue a central bank-backed digital currency. Several other major central banks are also studying the pros and cons of CBDC, including central banks of Japan, Canada, and the USA.
