Home Strategy China tightens rules around services using blockchain
China tightens rules around services using blockchain Pixabay

Chinese citizens will have to register for online services that utilise blockchain technology using their real names, with the government publishing draft regulations to this effect for public consultation.

The South China Morning Post reported that the draft rules were open for comment until 2 November, but there was no indication of when they would take effect.

Beijing has not hesitated to impose restrictions on technologies that it feels will lead to events that could affect society in an adverse way as it sees them.

A ban on cryptocurrency exchanges was put in place last year and the government also prohibited any initial coin offerings. Chinese businesses have got around this ban by shifting their servers to foreign countries.

But that does not free them from the jurisdiction of Chinese laws if they are citizens of China. Chinese investors who have invested in ICOs taking place abroad or have traded cryptocurrencies on overseas exchanges will also be trapped by these laws.

Cryptocurrencies can be held in China, and bought and sold, but the government has said clearly that any use of blockchain technology must benefit the real economy.

In August, China's Internet watchdog shut down several accounts on WeChat which were focused on blockchain and cryptocurrency news.

The SCMP report said the latest rules were published in the wake of an open letter being published on the ethereum blockchain by an activist, about the alleged cover-up of sexual harassment at a well-known university more than 20 years ago.

The letter was attached to an ethereum transfer to the poster and was visible to all users of the blockchain.

The report said the rules had not addressed the fact that data on a blockchain is not changeable and therefore runs counter to Chinese laws about user data.

It quoted Beijing-based lawyer Xu Kai as saying the new rules did not enforce the rights of users on blockchain platforms.

47 REASONS TO ATTEND YOW! 2018

With 4 keynotes + 33 talks + 10 in-depth workshops from world-class speakers, YOW! is your chance to learn more about the latest software trends, practices and technologies and interact with many of the people who created them.

Speakers this year include Anita Sengupta (Rocket Scientist and Sr. VP Engineering at Hyperloop One), Brendan Gregg (Sr. Performance Architect Netflix), Jessica Kerr (Developer, Speaker, Writer and Lead Engineer at Atomist) and Kent Beck (Author Extreme Programming, Test Driven Development).

YOW! 2018 is a great place to network with the best and brightest software developers in Australia. You’ll be amazed by the great ideas (and perhaps great talent) you’ll take back to the office!

Register now for YOW! Conference

· Sydney 29-30 November
· Brisbane 3-4 December
· Melbourne 6-7 December

Register now for YOW! Workshops

· Sydney 27-28 November
· Melbourne 4-5 December

REGISTER NOW!

LEARN HOW TO REDUCE YOUR RISK OF A CYBER ATTACK

Australia is a cyber espionage hot spot.

As we automate, script and move to the cloud, more and more businesses are reliant on infrastructure that has the high potential to be exposed to risk.

It only takes one awry email to expose an accounts’ payable process, and for cyber attackers to cost a business thousands of dollars.

In the free white paper ‘6 Steps to Improve your Business Cyber Security’ you’ll learn some simple steps you should be taking to prevent devastating and malicious cyber attacks from destroying your business.

Cyber security can no longer be ignored, in this white paper you’ll learn:

· How does business security get breached?
· What can it cost to get it wrong?
· 6 actionable tips

DOWNLOAD NOW!

Sam Varghese

website statistics

Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

Popular News

 

Telecommunications

 

Sponsored News

 

 

 

 

Connect