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China imposes blockchain rules to enable orderly development & # 39; – Reuters
What happened: The Chinese cybernetics administration (CAC) has issued regulations aimed at the blockchain information service providers, which will come into force on February 15th. According to the new regulations, which consist of 23 articles, blockchain companies will be required to implement the registration of the real name, maintain correspondence with the authorities and provide the relevant information as required.
Because it is important: The Chinese authorities proposed regulation projects for the first time last October, in order to increase control over the nascent blockchain industry. Although the government claims to be a supporter of the blockchain, it has silenced the cryptocurrencies, the first coin offerings (ICOs) and the exchange services since 2017. The move against cryptocurrencies has driven away many exchanges and services of homemade portfolios. While the new regulations will provide industry with a clearer guide, some experts fear that it would suffocate innovation in the nascent blockchain industry by driving startups and entrepreneurs away.
