The Chinese Ministry of Industry and Information Technology (MIT) plans to update the national technology standards applied to fintech companies and the blockchain industry.

The Ministry has started public consultations with stakeholders on the “Program for Building a Standard Blockchain System and Distributed Ledger Technology until 2025”. Officials called on the public to share their opinion, contributing to the implementation of the future project.

The agency plans to receive proposals from the participants of public hearings on the required level of updating the standards of the future system of national blockchain technologies and a distributed registry by April 28.

We are talking about the improvement of communication equipment, basic electronic components and key software necessary to support distributed ledger technologies, as well as fintech companies where blockchain is used at a basic level.

According to official documents, there are more than 1,400 blockchain companies in China. MIT expects that the successful implementation of the program will stimulate the growth of the national blockchain industry and bring China to the position of a world leader.

In February, the ministry approved the establishment of a blockchain technology center in Beijing. The tasks of the center will include the study of blockchain practices in the interests of industry and the economy as a whole.