China has been taking giant leaps in the field of blockchain and cryptocurrencies lately. On 20 November, the Standardization Administration of China [SAC] announced the establishment of a national standards committee for blockchain technology, in order to boost high-tech innovation.
The SAC, which is a standards organization authorized by the State Council of China, noted that it is progressing in an orderly manner to help “high-tech innovation, promote high levels of openness, and lead high-quality development.” It has already established a number of technical committees like blockchain and distributed accounting technology. The SAC also addressed the question of achieving standardized work and service economic development through its “national professional standardization technical committees.”
According to Edith Yeung of Proof of Capital, the Chinese government has been “really thoughtful” about the digital currency electronic payment framework and its rollout. In an interview, Yeung assured viewers that it would be deployed within the next 6 to 12 months.
Yeung claimed that the government has been researching digital currencies for five years and will roll-out its digital currency soon. China has identified 7 different entities for different aspects like “coding, People’s Bank of China, communication bank, and then also Union pay, Alipay and Wechat pay,” to work on the question of commercial roll-out and clear settlements of the currency, followed by a release for commercial banks and citizens.
According to Cheung, China could be the first country to issue the digital version of its national currency, adding that the rest of the world must be prepared to respond. She added,
““I really think the United States needs to hurry up; to have a strong thinking and policy, at least a direction for virtual USD.”
Recently, the Founding Manager of HCM Capital also shared his bullish sentiments on the launch of China’s crypto. However, he claimed that he expected to see it go live in three months.