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China Unveils New Set Of Regulation For Blockchain Industry

According to the rules set by Beijing, the blockchain platforms operating in China need to censor content letting authorities access the data storage and check the user identity.

As per the Cyberspace Administration of China. Which is also familiar as CAC reveals that the regulations is set to come into action probably by February. These regulations will help advance the orderly and healthy development within the industry.

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Since 2017, China is cracking down regarding cryptocurrencies, while the government forbids initial coin offerings (ICOs). Recently, they also block the local cryptocurrency exchanges to work and operate domestically.

Currently, the blockchain platforms need to implement user real-name registration through a censor content, national ID, telephone number, and then save/store user details.

The organizations that spot violated under the rules. It will be subject to prosecution or even huge fine. The CAC clarifies this statement while issuing draft rules back in October.

Amid looking at the crackdown, Beijing notes that they are still encouraging research within the blockchain technology sector. Today, this area is popular for recording and tracking bitcoin transactions. However, it is still increasingly enhancing the majority of the areas including crude oil trading, supply chain tracking, etc.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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