In the blockchain space, China’s government and its federal authorities are increasingly becoming active in moving forward innovation across the region.

The government recently issued an official notice stating that they have set up a technical committee of 15 organizations to formulate national blockchain principles and distributed ledger technology.

It comes only three days after the Ministry of Industry and Information Technology (MIIT) has called for input on the blockchain. And other technologies’ data protection standards.

All-inclusive committee

The government has included people from 15 organizations. From political, financial, industrial, academic and research backgrounds to ensure that the national standards. Thus set by the committee are in accordance with existing laws and also to promote the industry’s growth.

It includes the Digital Currency Research Institute of the People’s Bank of China (PBOC), MIIT, Tencent, Zhejiang Univer­sity and Baidu.

The committee currently includes 71 people from those organizations, who will be chaired by Chen Zhaoxiong, vice-minister of MIIT. Also, Di Gang, the vice-head of the PBOC Digital Currency Research Institute, will serve as one of the committee’s five vice-chairs.

China is making headway in the blockchain and digital currency

In terms of innovation, China has led the blockchain and cryptocurrency space. Although the United States is leading the way in terms of total blockchain investments. However, China has shown better progress in technological implementation and regulatory reforms. To promote research and development in this field so far.

Earlier in March, China completed the development of its central bank’s basic digital currency functions. And the government was preparing to draft laws to begin circulating the digital yuan.