China Wants To Stop Anonymous Blockchain Use: Reports

China Wants To Stop Anonymous Blockchain Use: Reports
ôîòî ïîêàçàíî ñ : bitcoinist.com

2018-10-22 15:00

New cybersecurity rules currently out for public consultation in China would notionally force users to provide their real identity to use any kind of Blockchain-based service.

Blockchain? You’ll Need Your Name And ID

As South China Morning Post (SCMP) reports quoting local media sources, the Cyberspace Administration of China is currently seeking feedback on the proposals, the deadline for which is November 2.

Should they become law, any provider utilizing Blockchain technology would face legal demands to ensure all users provide their real name national identity card numbers in advance.

The news is the latest step in China’s crackdown on the anonymity benefits Blockchain can afford, which runs contrary to existing data privacy laws, SCMP notes.

Referencing another post by Beijing lawyer Xu Kai, it is nonetheless clear that the latest round of rules misses key aspects of the notional problem at hand, the publication notes.

“One of the key issues that the new rules did not address is that blockchain is a technology in which data is not changeable or erasable, which runs contrary to Chinese laws governing user data,” Xu had explained.

In addition, he added, “the new rules also lack enforcement procedures to protect the rights of blockchain platforms.”

Blockchain Big Business

The nature of issue is indeed complex. Despite a ban on cryptocurrency trading in China, holding assets such as Ethereum and using a Blockchain is not illegal per se.

In the event of tighter data laws coming into effect, it remains unclear how authorities plan to restrict use of decentralized Blockchain networks such as Ethereum or privacy-focused ones such as Monero.

Officially, however, Blockchain remains flavor of the month as a technological innovation worth investing in.

As Bitcoinist reported, various public and private projects are seeing the technology enter the Chinese economy at breakneck speed. Legally, too, authorities appear keen to adopt a balanced outlook, a court case in July recognizing Blockchain-based evidence in a landmark case for the country.

What do you think about China’s Blockchain law plans? Let us know in the comments below!

Images courtesy of Shutterstock

The post China Wants To Stop Anonymous Blockchain Use: Reports appeared first on Bitcoinist.com.

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