Beijing Regulatory Official Nudges Government for Blockchain Standards

The secretary of Beijing’s Municipal Bureau of Finance has said in a speech that the Chinese government should implement a standardized approach to the development of blockchain.

In a speech published Sina Finance, Huo Xuewen stated that governments around the world were undertaking research and experiments looking into the applications of the blockchain. He noted that the blockchain is becoming an important financial tool and application scenarios have grown.

While he called on the Beijing government to adopt a uniform approach to the technology, he said that there are also still shortcomings with it. The introduction of bitcoin’s distributed ledger has brought convenience and efficiency that enables the reduction of costs; however, Xuewen says that there are no clear rules and norms, which in turn bring a set of problems such as illegal financial activities and technical bottlenecks.

Loosely translated, he said:

There is a problem that the calculation speed is relatively slow and the storage space is insufficient. The application of the blockchain has no uniform standards, the lack of mature cases, regulatory requirements are

Read more ... source: CryptoCoinsNews

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