China has begun establishing national standards for blockchain technology, hoping to complete the process by the end of 2019.

While cryptocurrencies and initial coin offerings (ICOs) are prohibited in China, both regional and national governments have shown increasing support for the technology behind these platforms. Chinese authorities are looking at implementing top-level, or “top down,” standards to compete in the global market.

According to reports, the plan for the standards has been published, and a committee to handle their development will be set up.

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