China’s first financial blockchain international standard project was established

According to the announcement of the National Financial Standardization Technical Committee on September 4, from June 22 to July 3, 2020, the International Telecommunication Union Telecommunication Standardization Department (ITU-T) Study Group 16 (SG16) plenary meeting was held online. At this meeting, the international standard “Financial decentralized Ledger Technology Application Guidelines” proposed by the Digital Currency Research Institute of the People’s Bank of China and jointly initiated by China Academy of Information and Communications Technology, Huawei and other units was successfully established in ITU-T SG16

At present, major countries and international organizations around the world have accelerated the technological innovation and application exploration of the deployment of blockchain. China has a good foundation in the field of blockchain and is accelerating the innovation and development of blockchain technology and industry, and promoting the role of blockchain in the social economy. In the financial industry, blockchain has been used in trade finance, bill transactions, supply chain finance, deposit certificates, reconciliation, asset securitization and other fields.