Blockchain Under Threat in China, Govt. Enforcing “New Regulations on Blockchain Management’ From February 15 News – Cryptoknowmics
Chinese media reports that last year, netizens in China have used Blockchain technology to record the ‘open rape letter of North university student’ as the evidence (which had happened 20 years ago). So to preserve the national security and public interest, Chinese officials on Jan 10, 2019, have released ‘new regulations on the management of blockchain technology’ which will come into effect from February 15, 2019.
Blockchain seen as a threat by China
A note from the official announcement said;
The Regulations on the Management of Blockchain Information Services has been reviewed and approved by the Office of the Internet Information Office of the State Council and is hereby promulgated and will be implemented as of February 15, 2019.
Since any record or transactions entered via blockchain cannot be altered, officials reviewed that people in China are employing blockchain to spread the illegal information. As such, they’re exploiting the public interest. With this in consideration, China’s National Internet Information is stepping up with new frameworks for blockchain application within the country. Consequently, the new regulations will be enforced from Feb 15 and any person violating the rules will be punishable by fines or prison. These regulations impose responsibilities on the ‘main body’ that help operate blockchain technology or the platform providing blockchain services.
The registrations of new service launch have to be made with the ‘the Cyberspace Administration within 10 days’. In case of changing the service, it has to be informed to administrations within 5 days. Lastly, if a service provider intends to stop blockchain service, they’ve to report to the authorities within 30 before the termination of such service.