China's Ministry of Industry and Information Technology (MIIT);has released;its first national blockchain regulation to standardize the country's blockchain industry.
The new standards also aim to guide and accelerate the industry's development in the country.
The guideline standardizes;blockchain;technology's architecture and core elements.
- The MIIT said the new regulation would serve as a guide for China's blockchain industry to better understand, adopt, and utilize the emerging technology.
- The standards have already started being applied in more than a hundred blockchain companies.
- In May, China also launched a national blockchain research center to allow universities, developers, and blockchain businesses to contact each other, accelerating the industry's growth.;
- Also, China's capital city, Beijing, recently published a;white paper;to support the innovation and development of the Web3 industry in the country.
- The white paper outlined the city's plans to become a leader in the;Web3;and;metaverse;industry by 2025, fostering innovation.
Despite its anti-crypto approach, China is currently piloting its central bank digital currency (CBDC), or the digital yuan, in 26 regions within 17 of its 23 provinces.
- Crypto exchanges and;cryptocurrencies;have been forbidden in China for several years.