According to a report in the Chinese press at Sohu.com (搜狐), China has recently organised and announced a distributed ledger based coalition agreement in Beijing referred to as the ChinaLedger Union. ChinaLedger was announced on April 19 at the third Internet global financial summit by former chief engineer of the Shanghai Stock Exchange, Mr. Bai Shuo who is the director of the alliance.

Backed by the Chinese General Assembly, the establishment of the Union is the consensus of 11 sponsor units, but they have also invited Alex Baltin, UBS UK Senior Innovation Manager, Anthony Di Iorio, Chief Digital Officer Toronto Stock Exchange, Vitalik Buterin, founder of Ethereum and Bitcoin core developer Jeff Garzik as advisers.

In another article at Chinese site ChainDB.com, Mr. Bai Shuo said:

“We can not think clearly in the absence of Blockchain integration in the hastily organised international financial sector in China. We need to unite China and find consensus and find solutions in China for Blockchain technology.”

The main task for the newly formed group is to work together and research Blockchain technology in accordance with China’s policies and regulations, the unique business logic of the Chinese financial industry – so that the policies and regulations are inline with China’s national standards, business logic and traditions.

In addition, the future ChinaLedger coalition agreement states that the underlying technology of Blockchain will be open source so that all walks of life can build specific application scenarios based on this agreement.