The Chinese Ministry of Industry and Information Technology, along with the National Standardization Committee, Chinese Blockchain Technology and others have published a white-paper on Blockchain technology. The document has been in the works since this past August.
The Bank of England stated recently that 24 countries are currently investing in distributed ledger technology (blockchain) and more than 90 central banks are engaged in some sort of discussion regarding the emerging technology with a majority of banks expected to initiate some sort of distributed ledger project by next year. So it really should not be much of a surprise the Chinese are pushing forward with their own internal and public musings on the utilization of blockchain technology and, perhaps, the creation of their very own bespoke digital coin.
Chinese officials held a symposium in January of this year that included Deloitte Touche, Citibank and more to review the potential of digital currencies and blockchain technology. China is very serious about moving forward and may feel compelled to be the first central bank authority to utilize distributed ledger technology. The ultimate goal will be to standardize the process and create a more efficient and secure method of financial transactions. While payments is certainly a focal point the Chinese officials see other uses while mitigating fraud. Bitcoin.com reported that the document set a deadline of October 2017 for defining standards.
The white paper, in Chinese, is embedded below.
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