Chinese government is forcing blockchain platforms to enforce cencorship, ID users

26 Jan, 2019 | Updated: 26 Jan, 2019
by David Borman
Chinese government is forcing blockchain platforms to enforce cencorship, ID users

It is being reported by The Next Web that the government of China is enacting some rather extreme policies for blockchain based platforms to enforce, or else face fines and prosecution. Beginning next month it will be mandatory for customers of such platforms to submit their names, ID's and phone numbers in order to partake.

The Cyberspace Administration of China (CAC) is rolling out a new registration system that will be required for all blockchain based companies to comply with. Any company found not complying could face punishment in the form of fines or even prosecution.

Read more: Chinese Central bank denounces STOs "You will be kicked out if you do it.”

China has been harsh on crypto for some time, but this latest measure pretty much ensures that no legal public blockchain can operate as intended. By enforcing companies who host blockchains to enact these rules, they are effectively forcing everyone to use "permissioned" blockchains, or else seek illicit alternatives.

Blockchain technology almost certainly will not be stopped in its embrace just because of this, but it could slow adoption in China. The coming years will likely tell if the Chinese government eases regulations or doubles down. Stick right here with Chepicap for all updates to this ongoing saga!

Read more: China’s cashless revolution could embrace crypto, but probably won't

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Read more about: China


Will China come around and ease restrictions on crypto?

(21 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage