2018-10-25 14:59 |
The People’s Republic of China, known for its strong censorship of the Internet, is at it again. The Cyberspace Administration of China (CAC) released a draft proposal on Oct. 19 that determines how companies and individuals interact with blockchain networks.
Under the proposal, individuals have to provide their real names and national identification card numbers before making use of blockchain-related services. Blockchain companies can censor content deemed to be a threat to national security and are not allowed to publish information prohibited by the country’s laws.
In a translated post, the CAC justified its actions claiming:
“In order to standardize blockchain information service activities, promote the healthy and orderly development of blockchain information services, protect the legitimate rights and interests of citizens, legal persons and other organizations, and safeguard national security and public interests, I have formulated the Regulations on the Management of Blockchain Information Services. (Consultation Draft), is now open to the public for comments.”
The Draft Is a Response to Blockchain Bypassing “The Great Firewall”The new draft is entitled “Regulations on the Management of Blockchain Information Services,” and the public has been given until Nov. 2 to evaluate it and provide feedback. It is unclear when the new draft will be officially signed into law. But should that happen, it would be the first time that the Asian country will have a legal framework designed for the blockchain industry.
The draft will see blockchain start-ups registering their names, service types, server addresses, and industry fields with the Internet censor agency. The information will be stored on a public domain, and the CAC will conduct yearly reviews.
Blockchain service providers in which the government has a special interest such as news services are subject to further scrutiny as they will have to acquire operational licenses from relevant authorities before complying with CAC requirements.
The draft comes in the wake of a series of events in which activists used blockchain technology to bypass China’s “Great Firewall,” a reference to how the country heavily censors the Internet and the information that Chinese residents are exposed to. While the rules have specifically indicated that all users of blockchain services must be accounted for, the draft did not address the immutability of data entered on blockchain.
The New Rule Could Affect Major Blockchain ProtocolsIt is still unclear which start-ups will be affected by the ban, but it is possible that it can affect major blockchain protocols.
According to the South China Morning Post, Xu Kai, a Beijing-based lawyer, wrote an online column suggesting that the draft lacks measures that protect the rights and interests of blockchain platforms.
China was among the first countries that enacted a blanket ban on cryptocurrencies, suspending initial coin offerings and other related activities.
Cyberspace Administration of China Releases Draft for the Regulation and Censorship of Data on Blockchain was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
Similar to Notcoin - TapSwap on Solana Airdrops In 2024
High Performance Blockchain (HPB) íà Currencies.ru
|
