New blockchain rules imposed by Chinese authorities

Monday 14 January 2019 11:51 CET | News

The Cyberspace Administration of China (CAC) has announced that local blockchain platforms will have to censor content, allow authorities access to stored data and check the identity of users.

The regulations, which will come into force in February 2019, will “advance the industry’s healthy and orderly development”, according to Reuters.

Now blockchain platforms will be required to implement real-name registration for users via a national ID or telephone number, censor content and store user data. Companies found to be in violation of the rules could be subject to fines or prosecution, the CAC, which issued draft rules in October 2018, added in a statement.

Despite its crackdown, Beijing says it encourages research into blockchain technology, according to Reuters.

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Keywords: Cyberspace Administration of China, CAC, blockchain, regulaton, China, Bitcoin, ICO, cryptocurrencies
Countries: World