China’s Cyberspace Watchdog Approves 309 More Blockchain Services
October 22, 2019
China’s Cyberspace Watchdog Approves 309 More Blockchain Services
October 22, 2019

China’s central Internet Regulator, censor and oversight and control agency, The Cyberspace Administration of China has published its second list of registered blockchain service providers.

Commercial Enterprises to Government Agencies

On Oct. 21 8BTC reported that the new list consists of 309 companies representatives of various industries such as – cultural tourism, education, e-commerce, law, healthcare and supply chains.

Among the registered entities, are services such as

  • HiCloud
  • AliCloud

The blockchain arms of tech corporations Huawei and Alibaba, respectively.

In addition, the list includes giants from the traditional sectors such as:

As per the report, those registered blockchain startups that are on the list are currently involved in public chains, mining pools, and crypto-wallets.

Besides having commercial enterprises even government agencies are included in the list such as:

  • The State Administration of Foreign Exchange, for instance, is developing its cross-border business blockchain service platform
  • The Hangzhou Internet Notary Office is listed thanks to its blockchain-based electronic evidence repository.
ALSO READ :  Insurance Firms In China Use Blockchain To Manage Coronavirus Claims

Criticisms Due to Censorship

The “Regulation for Managing Blockchain Information Services” was first introduced in October 2018. It led to debates and criticism from the crypto community due to its censorship nature.

The regulation states that the Chinese blockchain service providers must verify their real names using their national ID or through their phone numbers. Meanwhile, they should also store their clients’ data to the authorities for verification.

‘Furthermore, companies are prohibited from using blockchain to “produce, duplicate, publish, or disseminate” any data that could be declared a threat to national security.’

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Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.