China has continued to show its support for blockchain technology. On September 7, China’s supreme people’s court published new rules for the litigation process of its internet dispute dedicated courts. A part of the publication revealed that the internet court shall accept evidence that is validated by timestamps, blockchain, and digital signatures.
Back in 2017, China was the first country to implement an internet court. The court which was set up in Hangzhou has been a success. It has solved over 10,000 cases related to internet disputes. As a result, there are ongoing plans to set up two more internet courts before the end of this year.
The rules published by the Supreme Court of China is reported to be effective immediately.
China And Cryptocurrency – The Ban and the Removal
For a country that has banned cryptocurrency, it is surprising that it has gone to lengths to promote its underlying technology. China had banned Initial Coin offerings (ICOs) and cryptocurrency related activities within its borders.
As a result, there was an exodus of China-based crypto firms to countries that are more receptive to cryptocurrency. In February 2018, a report revealed that the country was planning on blocking crypto-related websites with the great firewall. Seven months later, news emerged that China was blocking over 120 offshore crypto exchanges that were targeting its citizens.
Also in August, a district in China banned the hosting of ICOs and cryptocurrencies promotional events in its business centers.
In addition to this, a total of five state regulators reiterated the country’s strict stance on cryptocurrency on September 6. The regulators warned off all crypto exchanges looking to targeting its citizens.
China invests heavily in blockchain
It would seem that china’s raid on cryptocurrency is not hindering the growth of blockchain. The country has openly supported the technology. Even the president of China Xi Jinping compared blockchain to a revolutionary tool.
In another report, it was revealed that China is partially funding a blockchain industrial park. As a result, China’s investment in blockchain has risen to a whopping $3.57 billion.