China is reportedly working on national standards for blockchain technology to foster the use of the technology in the country.

Local news outlet reports that the blockchain standards will be completed by the end of 2019. The authorities are considering top-level, or “top down,” standards to compete in the global market.

In an interview with the Economic Information Daily, Li Ming, director of the Blockchain Research Office of the Electronic Industry Standards Research Institute of the Ministry of Industry and Information Technology, said that the national standard plan for blockchain technology has been announced, adding that related departments will set up a nationwide Blockchain and Distributed Accounting Technology Standardization Committee.

According to Li Ming, the blockchain standards will include basic standards, business and application standards, process and method standards, credible and interoperable standards, and information security standards.

He explained that establishing the blockchain standard does not mean that it will expedite the development of the industry, but rather it will guide the industry.

Earlier this year, Hangzhou Blockchain Research Institute, a research institute set up by China Banknote Printing & Minting Corporation (CBPM) - run by the People’s Bank of China (PBoC), launched Blockchain Registry Open Platform (BROP). Also, two major blockchain investment funds have been launched in the country last month – one backed by Shenzhen government, and the other launched in Hangzhou.