The National Standardization Committee, Chinese Blockchain Technology and others have also joined the project and the document has been in the works since August 2016. The Chinese are pushing forward with their own internal and public musings on the utilization of blockchain technology and, perhaps, the creation of their very own bespoke digital coin, following similar research on blockchain technology in Europe and the US.
Recently, the Bank of England stated that 24 countries are currently investing in distributed ledger technology (blockchain) and more than 90 central banks are engaged in some sort of discussion regarding the emerging technology with a majority of banks expected to initiate some sort of distributed ledger project by 2017.
Chinese officials held a symposium in January 2016 that included Deloitte Touche, Citibank and more to review the potential of digital currencies and blockchain technology. The ultimate goal will be to standardize the process and create a more efficient and secure method of financial transactions.
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