China Raising Surveillance of Blockchain Business
11 Gennaio 2019 - 7:40PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
January 11, 2019 -- ADVFN Crypto NewsWire -- The division of
government regulators in China is stepping up the requirements for
all things related to operating a blockchain technology business as
well as the internet providers that allow the systems to operate in
the country. In 2017 cryptocurrencies specifically were banned
completely from use in the country, which had previously been one
of the highest traffic areas for cryptocurrency use. The country is
still where the majority of the Bitcoin network mining occurs, and
even much of the blockchain technology development for
consumers.
One company recently began using a
blockchain network to facilitate a rewards system for using their
products often. China Mobile is highlighting the value of
blockchain technology to their consumers through household
appliances such as TVs and water filters, but allows the rewards to
be spent only on further products and services from the company. In
this way, it is not used as a currency. This looks to be the type
of activity new regulation in China is seeking to keep track
of.
Regulations on the
Management of Blockchain Information Services
As of February 15, 2019, the new
rules will be in place. They focus on increased user surveillance,
forced registration of businesses, Periodic Inspections and Robust
Security, and censorship use.
User Surveillance - digital
companies must record and log user activity, and maintain backups
of the data for at least six months to be given to authorities upon
request. Identity verification will become more detailed and based
on their national ID and phone number.
Registering Companies With
Authorities - blockchain service providers are required to register
with authorities within ten days of providing the service.
‘Blockchain Information Service Management System’ facilitates the
registration, and any additions or changes to services provided
must be re-registered within five day sof implementation. Companies
will be provided with a number that they are required to publicly
display.
Periodic Inspections and Robust
Security - the central government will conduct periodic
inspections. Blockchain companies are required to maintain
correspondence via the new blockchain service portal. This is in
place primarily to account for security breaches that have resulted
in stolen cryptocurrencies.
Censorship - Blockchain service
providers are required to be equipped systems that will block to
content and other information that is unintended for the public
according to the laws in China.
By: BGN Editorial Staff
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