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Australia And China Decide To Strengthen International Blockchain Standards

Published: 13/09/2018

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What is it for?

Austrade, the Australian Trade Commission, and the Australian Digital Commerce Association have sent delegates, representing new blockchain projects, to China. The members of the group are visiting the largest Chinese companies that are engaged in the financial technologies development, the Australian Financial Review reports.


On September 10, the representatives visited the central office of the Ant Financial company, regulating financial transactions of Alipay, the large online payment solution with 520 million clients. Earlier, the firm received $14 billion, intended for investment in blockchain technologies.


According to the data provided by the Thomson Reuters media company, China has applied for the highest number of patents in the distributed ledger technology (DLT) field. For example, the Alibaba team has filed more than 10% of all the patent applications.


Chinese representatives believe that such cooperation will allow them to strengthen the global standards of DLT technologies. Especially since the International Organization for Standardization (ISO) appointed Australia as the head of a 35-member committee that will develop "interoperability among systems, privacy, security, and terminology."


Even though both countries share views on the blockchain development, yet they have contrasting approaches concerning cryptocurrency: China is imposing restrictions, Australia is heading towards the regulation of digital transactions.


As previously reported, the Australian crypto exchanges will be regulated on the same principle as traditional trading platforms. 

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