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Huawei, Tencent, and JD.com Among Big Names on China's New Blockchain Committee

Tech giant Huawei is among a large number of major companies to have joined China's new national blockchain committee.

The national Ministry of Industry and Information Technology (MIIT) published a list of the 71 companies and public entities that have joined its committee, which goes by the title: 'National Blockchain and Distributed Accounting Technology Standardization Technical Committee', I know, just rolls off the tongue right?

The committee is weighted towards the country's technology sector. Huawei, Baidu, Tencent and JD.com have all sent delegates, as have some of the nation's technical universities and relevant enforcement agencies.

Various arms of the People's Bank of China (PBoC) involved in the technological investigation – and the digital yuan initiative – are also represented.

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Other sectors are represented too, including insurance and banking companies Ping An and Qianhai Wezhong Bank, as well as car components manufacturer Wan Xiang.

Inviting a wide range of industries onto the committee may be due to the speech made by Premier Xi Jinping back in October, in which he said that China must 'seize the opportunity' and drive technological innovation across all sectors using blockchain technology.

It's possible the standards agreed by the blockchain committee could influence regulators and industry bodies from other countries.

The MIIT has already tried to assert China's lead when it comes to digital assets. Back in

2018, an affiliated research group began producing publicly available assessments of cryptocurrencies based on their tech capabilities and use cases.

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