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The Chinese government is now forcing Blockchain platforms to enforce censorship and share user data with the authorities.
The Cyberspace Administration of China (CAC) has come up with new regulations which will be enforced from 15th of February. The CAC published a document titled “Regulation for Managing Blockchain Information Services” on Thursday containing 23 articles which it believes will “advance the industry’s healthy and orderly development.”
Blockchain service providers are required to register with the CAC within 10 working days to offer its services to the public. The companies are also required to register their names, addresses and even national IDs.
The CAC mandates Blockchain related companies to record user identities and allow the authorities to censor and store the content else they will be slammed with fines ranging from 5,000 yuan ($737) to 30,000 yuan ($4,422).
China has cracked down on Cryptocurrencies pretty hard and has supported the “Blockchain, not Bitcoin” narrative. The Chinese government even shutdown Blockchain news websites and restricted internet access to exchanges last year.
A recent survey, however, showed that 40% of Chinese are still interested to invest in Bitcoin. Chinese internet giants like Baidu, Tencent and Alibaba are heavily invested in Blockchain/DLT startups across the world.
Blockmanity’s Take
If a government is able to enforce censorship and collect user data/identity from a “Blockchain” then it is not a Blockchain, it’s just a database.
Image Source: Flickr
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