China announced the country’s first national blockchain regulation today.
CGTN: China’s Ministry of Industry and Information Technology declared that the new rule has hastened the standardization process of China’s blockchain sector, providing the groundwork for the industry’s high-quality development.
For cryptocurrencies, blockchain technology is employed, which allows for real-time transactions of digital assets.
Photo by Shubham Dhage on Unsplash
The system offers rapid and verifiable transaction recording and ongoing monitoring between two parties.
The new Chinese rule provides a “universally applicable framework to guide the implementation of blockchain technology and its industrial development,” according to the ministry.
The Ministry is dedicated to stepping up efforts to set national standards in this area.
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