In a press release last March 12, China’s Ministry of Industry and Information Technology (IT) announced that it is seeking to complete a blockchain system at the soonest possible time.

The country, which has already conducted a study on blockchain technology, will be setting up a committee for the promotion of a national blockchain and distributed ledger technology thru the Information and Software Services Division of the Ministry of Industry and IT and the China Electronics Standardization Institute.

Observers note that China seems to be supporting blockchain technology even though it has banned initial coin offerings (ICO) and domestic and foreign exchanges.

 

Source: Coin Telegraph

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