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China introduces new rules for blockchain platforms

January 11, 2019 15:48:10 - Chinese blockchain platforms will be obliged to censor the content they host, provide to authorities access to the stored data and provide KYC procedures for their users.

Reuter reported referring to the statement from representatives of the Office of Cyberspace of China (CAC), that new rules will come into force next month of this year and will contribute for strong and regulated development of the industry. Blockchain startups violating the rules may be subjected to fines or prosecution, CAC added in their statement.

Despite these harsh measures, Beijing states that they encourage the research of blockchain technology so they will continue studying the technology and new ways of processing and storing data. Unlike many other countries, China has their own policy on cryptocurrencies, even if it is very strict.

Also in December it was reported that the People’s Bank of China is developing a prototype technology, where the virtual currency will be a centralized digital asset that can surpass Bitcoin.

It is anticipated that the cryptocurrency from PBoC, created by Zhou Xiaochuan, Deputy Governor of PBoC with the intention of “protecting” China from Bitcoin that is impossible to control, will allow the government to exercise tighter control over the lives of citizens.

The current Deputy Governor of the Bank, Fan Yifei, announced that the controlled cryptocurrency will help to reduce risks associated with money laundering and other crimes.

Category: News

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