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11 January 2019 04: 38 & nbspUTC
| updated:
11 January 2019 at 04: 43 & nbspUTC
The Chinese cyber administration (CAC) announced on January 10 that the Chinese government will "force" the Blockchain companies to eliminate unwanted content from their platforms and give them full access to privately stored data to verify the identity of the users.
It seems that China is falling hard on the cryptocurrency and on the Blockchain industry; but given its track record, it is not surprising that the government wants complete access to private data. However, it does not change the fact that China's move to access private user data is less to verify someone's identity and more to keep everyone under control.
The official press release of the CAC stated that the Actures Measures Act of the Internet Information Service will enter into force from February 15th, with the aim of "promoting the healthy development of Blockchain technology and related services". Furthermore, he stated that the established rules were built to "safeguard national security and public interests, [and] protect the legitimate rights and interests of citizens ".
Since 2017, China has been harshly pursuing cryptocurrency companies, starting with the banning of Initial Coin Offerings (ICO) and preventing the internal digital currency trading platforms from operating within the Chinese economy.
However, the government seems to be more tolerant of the technology behind all this – the distributed ledger technology, due to its widespread utilization capabilities going beyond cryptocurrencies. Many industries, including oil, shipping and agriculture, are also starting to show interest in Blockchain.
However, after the entry into force of the law, each Blockchain company in China will have to make it mandatory for users to register with their actual names, national identity and their telephone number, while removing all from their platform that the Beijing administration considers undesirable. . Furthermore, companies are expected to "immediately release" the archived data that the state considers a threat or violation of existing national laws. The new regulations indicate:
"The information service provider Blockchain must implement the responsibility for managing the security of information content and establishing and improving management systems such as user registration, information review, emergency response and security protection. If the user does not perform authentic authentication, the Supplier Blockchain information service does not have to provide related services. "
According to the CAC, these new regulations are part of China's attempt to "strengthen" the Blockchain industry in the country and that aims to "improve self-regulation and industry standards".
Debarun Gupta
Debarun is currently pursuing a degree in economics and writing when he is not watching cat videos on YouTube.
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