[ad_1]
The Chinese government is forcing blockchain companies to censor content, to store user identity data and to share it with authorities in an effort to support "orderly development".
As part of a new registration system, the Cyberspace Administration of China (CAC) will require users of blockchain platforms to present their real names, national IDs and even phone numbers, Reuters reports.
The CAC will begin to impose the rules next month. Any company of blockchains found not by registering the identity of the users or allowing the content to be censored must be punished with fines or criminal proceedings.
China has already effectively declared its victory in its cryptocurrency war, which began when the government outlawed initial exchanges of coins and cryptocurrencies in September 2017.
At that time, the Renminbi was present in over 90% of Bitcoin operations. In July last year, the Chinese central bank presented data showing less than 1% of the global Bitcoin trade used in the Renminbi.
However, research indicates that important cities like Shanghai, Henan, Guangzhou and Shenzhen have all invested in blockchain projects, which have set up a $ 72 million fund to encourage growth.
The ongoing narrative of "Bitcoin bad, blockchain good" has certainly kept the gears turned to the Chinese general accounting industry. Baidu, Tencent and Alibaba they are all heavily invested in various blockchain projects operating all over the world.
But if the future of the Chinese blockchain industry is based on forced censorship and registration of user identities, one can not help but consider whether his government has completely missed the point.
Published 10 January 2019 at 3:02 UTC
[ad_2]Source link
