Alibaba, Baidu, Tencent among first blockchain firms approved in China

03 Apr, 2019
by Richard Allen
Alibaba, Baidu, Tencent among first blockchain firms approved in China

The Cyberspace Administration of China has released the first list of 197 registered blockchain service providers, according to a notice published on March 30.  

Among the list of registered companies were Internet giants including Baidu Blockchain Engine (BBE), Alibaba Cloud BaaS (Blockchain as a Service) and Tencent TBaaS (Tencent Blockchain as a Service) as well as the BaaS service owned by e-commerce giant Financial institutions such as China Zheshang Bank and Ping An Insurance Company also featured.

The article also notes that no institutional or individual is allowed to use blockchain for commercial purposes.

The registration of blockchain service providers comes after the unregulated wave of ICOs in the country, and aim,s to provide a more controllable environment to further the development of blockchain technology, Liu Xingliang, director of the DCCI Internet research institute, told the Global Times.

"In the last few years, the lack of regulations on cryptocurrency-related blockchain technologies did play some havoc with the market, causing losses for many investors and a huge electricity waste, especially by Bitcoin miners," Liu said.

Liu added, "But it is undeniable that this emerging technology does have a lot of potential. I believe the government is being very cautious while trying to provide a controllable environment for companies to explore its application.”

Read more: Bitcoin community up in arms over China's latest crypto rankings

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